ICBC contributes to syndicated loan for Khon Kaen 5 and Khon Kaen 8 Solar Power Plant Construction Projects (linked to record IDs #110219, #110220)

Project narrative

In 2012, Solar Power Company secured syndicated financing from the Industrial and Commercial Bank of China (ICBC), Bank of Ayudhya (Krungsri), and Kasikornbank (KBank) for the construction of multiple solar farms in Khon Kaen Province, Thailand. The portfolio included Khon Kaen 3, Khon Kaen 4, Khon Kaen 5, and Khon Kaen 8 Solar Power Plants. While individual loan details for Khon Kaen 3 and Khon Kaen 4 are known (see record IDs #110219, #110220), no such detailed data is available for Khon Kaen 5 or Khon Kaen 8. The World Bank’s Private Participation in Infrastructure (PPI) database confirms ICBC’s participation in financing all four facilities. Additionally, it is unclear whether the loan was extended to Solar Power Company Limited (for on-lending to its project companies) or directly to the special-purpose vehicles established for each sub-project: Solar Power (Khon Kaen 5) Co.,Ltd. [KK5 or บริษัท โซล่า เพาเวอร์ (ขอนแก่น 5) จำกัด] and Solar Power (Khon Kaen 8) Co.,Ltd. [KK8 or บริษัท โซล่า เพาเวอร์ (ขอนแก่น 8) จำกัด]. Both SPVs are subsidiaries of Solar Power Company Limited, which is itself a subsidiary of SPCG Public Company Limited (SPCG, formerly Steel Intertech Public Company Limited). The borrowing terms of the loan are unknown. Khon Kaen 5 and 8 are the 15th and 16th projects in SPCG’s nationwide portfolio of 36 solar farms constructed between 2010–2014. KK5 is located in Thapra Sub District, Mueng District, Khon Kaen Province. KK8 is located in Nai Mueng Sub District, Bann-Pai District, Khon Kaen Province. Both commenced operations on January 18th, 2013. Both plants were developed under SPCG’s long-term electricity distribution agreement with Thailand’s Provincial Electricity Authority (PEA).