The energy project could reach the financial close by the first quarter this year.
Nexif Energy has announced that it has signed an engineering, procurement and construction contract for its 110 megawatt (MW) cogeneration project in Rayong Province, Thailand’s. Nexif was granted the project in June 2017 and is making progress fast, towards achieving financial close by the end of March 2018.
The project is set to provide electricity to the Electricity Generation Authority of Thailand (EGAT) under a 25-year power purchase agreement and supply energy to Asian industrial customers. It will be financed by a group of leading investors on a non-recourse basis with Standard Chartered Bank at the forefront of the financing section.
Ravi Chandran, Executive Vice President at Nexif Energy, stated, “Our project is well structured, as it is underwritten by a long term PPA with creditworthy off-taker, has long term gas supply contracts with a leading gas supplier and has the ability to supply electricity and steam to industrial customers. We look forward to completing remaining permitting and financing by first quarter 2018.”
The turn key engineering, procurement and construction fixed price Contract was signed by a group of Korean construction companies consisting of Doosan Heavy Industries & Construction Co., Ltd (“Doosan”) and SC Engineering Co., Ltd. It includes the supply and build of a General Electric 6FA gas turbine operating in combined cycle with a Doosan DST-G20 steam turbine.