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Nong Saeng: Folding back the years
16 December 2011
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[nong saeng]
[J-Power]
[CCGT]
The recently closed $1.184 billion dual-currency project financing of Electric Power Development Company's (J-Power) 1600MW Nong Saeng CCGT project in Thailand has set a new tenor benchmark for the region - 23 year debt with no sponsor guarantee and for an IPP in a market where the highly competitive bidding process has put downward pressure on PPA tariffs.
Structured via J-Power’s 90%-owned subsidiary Gulf JP NS (the remaining 10% of which is owned by Gulf Holding Co), the project was awarded during Thailand’s second and most recent round of IPP bids in December 2007. Gulf JP won 3,200MW of the total 4,400MW awarded through two gas-fired power...
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