Thailand’s Egco Cogeneration has secured a loan amounting to 2.7 billion baht (US$73.56 million) for the construction of a 74-megawatt combined cycle power plant in Rayong Province.
The lenders are Bangkok Bank, state-owned Government Savings Bank, and Industrial and Commercial Bank of China (Thai) Public Co Ltd.
Requiring a total investment of 3.6 billion baht, the project started construction in May 2022 and is scheduled to start commercial operation in January 2024.
Egco Cogen is 80% owned by Electricity Generating Public Co Ltd (Egco) and 20% by J Power Holdings (Thailand) Co Ltd.
Since 2003 Egco Cogen has owned and operated a combined cycle power plant at the Rayong Industrial Park, Map Kha Sub-district, Nikhom Pattana District, Rayong Province, selling electricity to the Electricity Generating Authority of Thailand (Egat) under a 21-year power purchase agreement (PPP), as well as electricity and steam to nearby industrial customers.
The new plant will replace the current power facility. It features gas-fired cogeneration system with the latest and advanced technology which will help improve the energy utilization efficiency.
The current PPA will expire in 2024. Egco Cogen entered into a new 25-year PPP with Egat in January 2022, as well as engineering, procurement and construction (EPC) contracts with TTCL Public Co Ltd and TRC Construction Public Co Ltd.