Gulf Energy and Mitsui & Co have reached US$1.6 billion financial close to build a 2,650MW Gulf Pluak Daeng combined-cycle gas turbine project in the Rayong province of Thailand.
The Gulf Pluak Daeng combined-cycle gas turbine projectwill be built, owned and operated by a joint venture between Mitsui (30%) and major Thai private power company Gulf Energy Development Company Limited (70%).
The plant is expected to start supplying electricity in 2023 under a 25-year long term contract with the Electricity Generating Authority of Thailand. Construction of the plant will begin July 2020.
The Japan Bank for International Cooperation (JBIC) is providing project financing for approximately US$208 million. The loan is co-financed by the Asian Development Bank (ADB), Export-Import Bank of Thailand (EXIM Thailand), Mizuho Bank, Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank Limited, DZ Bank, the Overseas-Chinese Banking Corporation Limited and regional banks in Thailand covering approximately US$1.36 billion.
