ADB and Gulf PD sign deal to build 2500MW power plant in Thailand

• 5 years ago (2019-11-19)
• David Flin

Asia 892 Gas 393

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The Asian Development Bank (ADB) and Gulf PD Company have signed a $180 million agreement to build and operate a 2500MW combined cycle gas turbine power plant in the Rojana Rayong 2 Industrial Park of Thailand’s Rayong province, about 150km southeast of Bangkok. Gulf PD is owned by Independent Power Development, a joint venture between Gulf Energy Development Public Company (GED) and Mitsui & Co . (Mitsui).

ADB’s support is composed of a regular loan of $50 million, and a B loan of up to $85 million. ADB will also mobilise $45 million through the Leading Asia’s Private Infrastructure Fund (LEAP), established in 2016, and supported by the Japan International Cooperation Agency. ADB signed the loan agreement with its co-financiers – the Japan Bank for International Cooperation and 12 other international and local commercial banks – playing an anchor role in the project by catalysing up to $764 million in commercial co-financing. The B loan will be funded by Singapore’s Overseas-Chinese Banking Corporation and Germany’s DZ Bank .

The plant will be fully operational by 2024, supplying 16GWh annually. By using state-of-the-art combined cycle gas turbine technology, the project will reduce CO2 emissions by 1 million tons per year compared to current emission levels.