Symbior Solar has announced the closing of a project financing totaling THB1.45 billion (US$40.5 million) with Krung Thai Bank Public Co. Ltd. (KTB), Thailand’s largest lender by assets. Arranged through Symbior’s subsidiary ATC Enviro Co. Ltd. the debt instrument completes the full financing of Symbior’s 29MW portfolio of solar power plants in central Thailand.
The latest set of solar PV power plants by Symbior span five sites in the Prachinburi and Samut Sakhon Provinces, with each individual plant’s capacity ranging between 3MW and 8MW. Construction began in June 2015 and commercial operation is planned for December 2015.
The Provincial Electricity Authority will buy power from the plants under 25-year power purchase agreements at a tariff of THB 5.66 per kWh (approximately US$ 0.16/kWh) as part of the Very Small Power Producer Program.
Proceeds of the financing will be used to pay for the projects’ continuing construction and development costs. Together with investments and commitments from the Armstrong S.E. Asia Clean Energy Fund and Dragon Capital’s Mekong Brahmaputra Clean Development Fund, Symbior’s central Thailand projects are fully financed.
Florian Bennhold, CEO of Symbior Solar, stated:
“The closing of this latest project financing with KTB is proof of the strong relationship with the bank who has already funded Symbior’s first project in Thailand in 2013. Despite the challenges of an extremely short implementation timeline of only six month, the Symbior team was able to drive the implementation forward and rely on KTB’s support to finance its solar PV pipeline in Thailand. Together with our experienced EPC partners and our local team, construction progress of our projects remain on budget and on target to achieve commercial operation by the end of the year.”