The dual-currency financing of the Gheco-One independent power project (IPP) in Thailand has been completed. The project is a 660MW coal-fired power plant at the Map Ta Phut industrial estate, and is being developed by a consortium made up by Glow Energy (an affiliate of the Suez group) and Hemaraj Land and Development Company.
A $460 million tranche of financing came from overseas mandated lead arrangers (MLAs) KfW, SMBC, Standard Chartered Bank, Bank of Tokyo-Mitsubishi, Calyon, Fortis and KBC. Two local Thai banks, Bank of Ayudhya and Kasikornbank were MLAs for THB 9.9 billion ($288 million) Thai baht tranche.
The MLAs were advised by Shearman & Sterling. Hunton & Williams acted for the sponsors.