Gulf JP UT (GUT), a local subsidiary, 90% owned by J-POWER, has signed a project financing loan agreement to finance approximately $1,247m for the U-Thai IPP (Independent Power Producer) project in Thailand. The U-Thai IPP project was awarded through bidding in 2007 under the Thai government’s electric power development plan. The project entails development of a 1,600 MW CCGT power plant in U-Thai district, Ayuthaya Province, which will supply electricity to Electricity Generating Authority of Thailand (EGAT) for 25 years. GUT has entered into a Power Purchase Agreement with EGAT and has been making preparations to commence operation in 2015. After signing the loan agreement, GUT plans to issue the Notice To Proceed within this year.
The loan was granted by Japan Bank for International Cooperation (JBIC), Asian Development Bank (ADB), The Bank of Tokyo-Mitsubishi UFJ, Sumitomo Mitsui Banking Corporation, KASIKORNBANK Public Company Limited, Bangkok Bank Public Company Limited, The Siam Commercial Bank Public Company Limited and Land and Houses Bank Public Company Limited.
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