IPPToday #112: WEH closes US$1.1bn financing on five Thai wind farms
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Wind Energy Holding (WEH) announced that they have successfully closed financing for five of the company’s onshore wind farms which altogether have a total capacity of 450 MW. The wind farms will be located in north-east Thailand in the Nakhon Ratchasima and Chaiyaphum provinces.
Siam Commercial Bank (SCB) acted as the financial arranger in the transaction. Financial close for the five projects follows the commissioning of the company’s 60 MW Watabak project in December 2016, which was also financed by SCB.
The five projects will be worth a total amount of THB37 billion (US$1.13 billion). Once operational, by the first quarter of 2019, the five wind farms will add to WEH’s existing 270 MW of operating capacity.
Technology providers Vestas and General Electric (GE) will supply the necessary equipment for the development of both projects. Vestas, will supply 60 of their V136-3.0 MW units which will be the first of their kind in the Asia Pacific region. GE will supply 90 of their GE3.43-137 units with an innovative steel-concrete hybrid tower. GE Power will also construct six new substations as part of the grid infrastructure being built for the projects.
The projects have already started construction and are expected to achieve commercial operations by the first quarter of 2019. Upon completion, WEH will have developed and constructed 720 MW of onshore wind farm capacity in Thailand, making it the single largest wind power developer and operator in the country and Southeast Asia.