Nexif Energy and the Ratch Group are pleased to announce the financial close of their 92MW gas-fired co-generation project in the Rayong province of Thailand.
The Nexif Energy Rayong power plant project, which has now commenced construction, will sell electricity under a 25-year power purchase agreement (PPA) with the Electricity Generating Authority of Thailand (EGAT). The project will serve industrial customers in the SSP Industrial Estate located in the fast-growing ‘Eastern Economic Corridor’ of Thailand. It will utilize the latest, most efficient combined cycle gas turbine technology available at this scale.
Debt funding for the project is provided by a consortium of Kasikornbank Public Company Ltd., Sumitomo Mitsui Banking Corporation and Standard Chartered Bank (Thai) Public Company Ltd.
Nexif Energy owns 51% of the project, and RATCH Group Public Company Limited, a leading power and infrastructure company active in Thailand and across the APAC region, owns the remaining 49% after the two entered into a partnership agreement in March 2020.
Mr. Kijja Sripatthangkura, Chief Executive Officer, RATCH Group Public Company Limited, said: “I am pleased to note that with RATCH and Nexif close and energetic teams working, the project has reached financial close, a crucial milestone, and commenced construction. The achievement reflects credibility and confidence of financial institutions towards the Rayong project and its partners as well. The Nexif Energy Rayong power plant project will be among the most efficient industrial co-generation projects of its kind.”
Nexif Founder and Co-Chief Executive Officer, Surender Singh added: “Nexif Energy is pleased to achieve this important project milestone which comes despite the challenges posed by the Covid-19 pandemic. Breaking ground at Rayong is a testament to our ability to execute and our commitment to deliver clean, reliable power to our customers. With expertise in gas-to-power and a wide range of renewable energy technologies including hydro, wind, solar, and battery storage, Nexif Energy continually aims to be a preferred developer and investor for energy solutions in the region.”
About Nexif Energy
Nexif Energy was formed in August 2015 by Nexif, a Singapore-based independent power management company, and Denham Capital, a leading global energy-focused private equity firm. Nexif Energy’s goal is to develop, finance, construct and opportunistically acquire conventional and renewable power generation assets across Asia and Australia. For more information about Nexif Energy, visit www.nexifenergy.com
About RATCH Group
RATCH Group Public Company Limited, a leading value-oriented energy and infrastructure company in Thailand and Asia Pacific, was established on March 7, 2000, with registered capital of 14.5 billion baht. The Electricity Generation Authority of Thailand (EGAT) is the major shareholder holding 45% stake. As a holding company, RATCH Group seeks for investment in subsidiaries, and joint ventures in power, infrastructure and power- and energy-related businesses. At present, the company has operational base in Thailand, Lao PDR, Australia, China and Indonesia. Learn more about RATCH Group, visit www.ratch.co.th
About Denham Capital
Denham Capital is a leading energy and resources-focused global private equity firm with $10.0 billion of invested and committed capital across eleven fund vehicles and offices in London, Boston, Houston, São Paulo and Perth. The firm makes direct investments in the energy and resources sectors, including businesses involving international power, oil and gas, and mining, across the globe. Denham’s investment professionals apply deep operational and industry experience and work in partnership with management teams to achieve long-term investment objectives. For more information about Denham Capital, visit www.denhamcapital.com