Wednesday, International Power Plc (IPR.L) said it has signed a power purchase agreement or PPA, an engineering procurement and construction or EPC agreement and has completed the financing for Thai National Power 2 or TNP2, a new 110MW gas-fired cogeneration project in Thailand. The TNP2 project will be located on a site adjacent to International Power's existing 143MW Thai National Power or TNP gas-fired power plant.
The company stated that majority of the output from the new plant or 90MW will be sold to the Energy Generating Authority of Thailand or EGAT, under a 25-year PPA, with the balance of up to 20MW sold to industrial users. The new plant, which will be operational in 2012, will be owned and operated as a 100% subsidiary of the existing TNP project. The total project cost is estimated to be THB4,400 million or £82 million. A total of THB4,100 million or £76 million will be raised, representing a new term loan to fund the new TNP2 project, and the releveraging of the existing asset.
Philip Cox, Chief Executive of International Power, said, "The requirement for new generation capacity continues to grow in Thailand, and we are pleased to have successfully developed and financed the TNP2 project on attractive terms."
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