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ADB signs $227.7 million loan deal for 2500 MW power plant in Thailand
- 6 years ago (2018-11-13)
- David Flin
The Asian Development Bank (ADB) has signed a $227.7 million loan deal with Gulf SRC Company to build a 2500 MW combined cycle power plant in Thailand Chonburi Province. Gulf SRC is completely owned by Independent Power Development, a joint venture between Thailand-based Fulf Energy Development (GED) and Japan’s Mitsui & Co.
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The plant is scheduled to be operational by 2022. Once commissioned, the power plant will be the largest in Thailand using natural gas as a fuel source.
ADB signed the loan agreement with its co-financiers, including the Japan Bank for International Cooperation and ten other international and local commercial banks.
Sarath Ratanavadi, CEO of GED, said: “This project is important as it will help to produce the growth and industrial transformation that is expected under the Government of Thailand’s Eastern Economic Corridor (EEC) programme. We appreciate ADB’s leadership in mobilising the finance to make the project possible.”