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GHECO-One, a Glow/Hemaraj Joint Venture signed the 660 MW EGAT PPA
10/09/2008
September 10, 2008: Hemaraj Land And Development Public Company Limited announced that its joint venture company GHECO-One Co. Ltd, has today signed a 25 year, 660 MW Power Purchase Agreement (PPA) with Electricity Generating Authority of Thailand (EGAT). The project will diversify the fuel supply and offer EGAT very competitive electricity prices. It will also be environmentally and socially responsible and has obtained EIA approval on 15 May 2008.
David Nardone, CEO of Hemaraj had the following comment. “We are pleased to sign today the PPA for the GHECO-One Environmental Friendly IPP project while continuing our relationship with Glow Energy. This power utility expansion will significantly increase and broaden our recurring revenue from late 2011. This is consistent with the Hemaraj strategy to develop complementary industrial estate, property, and utility customer solutions.”
The GHECO-One coal-fired IPP power plant project, which began construction preparation in July, is scheduled to have its commercial operation in November 2011. The total project cost is estimated at USD1,150 million, where around USD 800 million of which will be financed by project finance debt and the remaining equity will be shared 65% by Glow Group and 35% by Hemaraj. The Korean contractor, Doosan, is the EPC Contractor for this project.
The IPP project will benefit Thailand by providing higher fuel diversification and lower electricity prices. It will also benefit local communities, who will see NOx and SO2 emissions reduced. The project is environmentally friendly, using highly sophisticated and supercritical technology with advanced emission control system and high fuel efficiency. Glow will also invest in technology to reduce the emission levels from existing plants, so that the total NOx and SO2 emission levels (both actual and maximum) in Map Ta Phut will be lower than current levels after the new IPP becomes operational. The net result will be an improvement in the overall air quality in Map Ta Phut.
The project will also enter into a contractual commitment to contribute additional funds, around Baht 100 million per year, to support local community development. The fund will contribute to education, health care, employment, improvements in the standard of living, and social development for the communities surrounding the estates.
About Hemaraj
Founded in 1988, Hemaraj Land And Development Public Company Limited is Thailand’s leading developer of industrial estates, utilities, and property customer solutions. Hemaraj’s 6 industrial estate of more than 31,000 rai (12,500 acres) include 382 distinct global customers, 555 contracts, with estimated $ USD 14 billion of customer investment. Comprising a petrochemical cluster as well as the “Detroit of the East” automotive cluster with over 126 auto customers. Hemaraj is a leading utility provider with award winning water, wastewater, power, and environmental expertise. Property includes offices for rent, SME factory rental and sale, and luxury condominiums.
For further information concerning Hemaraj Land And Development Plc., please visit our website at www.hemaraj.com or contact by email to invest@hemaraj.com attn. Mr. Paopitaya Smutrakalin, Director Planning & Investor Relations.
David Nardone, CEO of Hemaraj had the following comment. “We are pleased to sign today the PPA for the GHECO-One Environmental Friendly IPP project while continuing our relationship with Glow Energy. This power utility expansion will significantly increase and broaden our recurring revenue from late 2011. This is consistent with the Hemaraj strategy to develop complementary industrial estate, property, and utility customer solutions.”
The GHECO-One coal-fired IPP power plant project, which began construction preparation in July, is scheduled to have its commercial operation in November 2011. The total project cost is estimated at USD1,150 million, where around USD 800 million of which will be financed by project finance debt and the remaining equity will be shared 65% by Glow Group and 35% by Hemaraj. The Korean contractor, Doosan, is the EPC Contractor for this project.
The IPP project will benefit Thailand by providing higher fuel diversification and lower electricity prices. It will also benefit local communities, who will see NOx and SO2 emissions reduced. The project is environmentally friendly, using highly sophisticated and supercritical technology with advanced emission control system and high fuel efficiency. Glow will also invest in technology to reduce the emission levels from existing plants, so that the total NOx and SO2 emission levels (both actual and maximum) in Map Ta Phut will be lower than current levels after the new IPP becomes operational. The net result will be an improvement in the overall air quality in Map Ta Phut.
The project will also enter into a contractual commitment to contribute additional funds, around Baht 100 million per year, to support local community development. The fund will contribute to education, health care, employment, improvements in the standard of living, and social development for the communities surrounding the estates.
About Hemaraj
Founded in 1988, Hemaraj Land And Development Public Company Limited is Thailand’s leading developer of industrial estates, utilities, and property customer solutions. Hemaraj’s 6 industrial estate of more than 31,000 rai (12,500 acres) include 382 distinct global customers, 555 contracts, with estimated $ USD 14 billion of customer investment. Comprising a petrochemical cluster as well as the “Detroit of the East” automotive cluster with over 126 auto customers. Hemaraj is a leading utility provider with award winning water, wastewater, power, and environmental expertise. Property includes offices for rent, SME factory rental and sale, and luxury condominiums.
For further information concerning Hemaraj Land And Development Plc., please visit our website at www.hemaraj.com or contact by email to invest@hemaraj.com attn. Mr. Paopitaya Smutrakalin, Director Planning & Investor Relations.