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Overview

ICBC contributes USD 5.29 million to syndicated loan for Khon Kaen 3 Solar Power Plant Construction Project (linked to record IDs #73189, #110220)

Commitments (Constant USD, 2023)$5,469,708
Commitment Year•2013Country of Activity•ThailandDirect Recipient Country of Incorporation•ThailandSector•EnergyFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Feb 12, 2013
End (actual)
Jan 17, 2013
Last repayment (originally scheduled)
Feb 10, 2023

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

  • Kasikornbank Public Company Limited (KBank)

State-owned Banks

  • Bank of Ayudhya Public Company Limited

Receiving agencies

Private Sector

  • Steel Intertech Public Company Limited (SPCG Public Company Ltd.)

Loan description

ICBC contributes USD 5.29 million to syndicated loan for Khon Kaen 3 Solar Power Plant Construction Project

Interest type•UnknownMaturity•10 years

Narrative

Full Description

Project narrative

On February 12, 2013, Solar Power Company secured a syndicated loan from the Industrial and Commercial Bank of China (ICBC), Bank of Ayudhya (Krungsri), and Kasikornbank (KBank) for the construction of the Khon Kaen 3 Solar Power Plant. Each funding agency contributed 33.33% of the value (USD 5.29 million) of a USD 15.87 million syndicated loan. The loan has a 10-year tenor. It is unclear whether the loan was extended to Solar Power Company (for on-lending) or to Solar Power (Khon Kaen 3) Co., Ltd. [KK3 or บริษัท โซล่า เพาเวอร์ (ขอนแก่น 3) จำกัด], a special-purpose vehicle created to manage the KK3 project. KK3 is wholly owned by Solar Power Co., Ltd., which is itself a subsidiary of SPCG Public Company Limited (formerly Steel Intertech Public Company Limited). The remaining borrowing terms are unknown. The Khon Kaen 3 Solar Power Plant is a solar photovoltaic facility located in Nampong Sub District, Nampong District, Khon Kaen Province, Thailand. According to IJGlobal, the facility has a capacity of 7.4 MW. The plant commenced operation on January 17, 2013 and was part of SPCG’s portfolio of solar farms launched under a long-term electricity distribution agreement with Thailand’s Provincial Electricity Authority (PEA). The facility is equipped with Kyocera solar panels and SMA inverters.

Staff comments

1. It's unclear if ICBC extended a loan to SPCG Public Company Ltd. (for on-lending to its project companies) or to Solar Power (Khon Kaen 3) Co., Ltd directly. 2. Khon Kaen 3 is the 13th project in a portfolio of 34 solar farms developed across Thailand by SPCG Public Company Limited between 2010–2014. See record ID #110220 (Khon Kaen 4) and #73189 (Khon Kaen 5 and 8). 3. Legal advisers to the transaction included Clifford Chance (for the sponsor) and Hunton & Williams (for the lenders).