Mitsui (Mitsui & Co.) has invested in a new US$1.6 billion project - a gas fired combined cycle power plant in Rayong Province, Thailand.
The go-ahead follows the signing of a project financing agreement for the 2,500 MW plant which will be built, owned and operated by a joint venture between Mitsui (30%) and Gulf Energy Development Company Limited (70%).
The new 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, Ltd., Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank Limited, DZ Bank, the Oversea-Chinese Banking Corporation Limited and regional banks in Thailand covering approximately US$1.36 billion.
