TTC Green, a GULF’s subsidiary, signed a $37.8 million loan deal with leading financial institutions to develop a solar power plant in Viet Nam.
Publish on January 22, 2020
TTC Energy Development Investment Joint Stock Company (TTC Green), a subsidiary in which Gulf Energy Development Public Company Limited indirectly holds 90% shares through Gulf International Holding Pte. Ltd. and the operator of TTCIZ-02 power project, signed a $37.8 million financing agreements to obtain long-term loan facilities denominated in U.S. dollar for a term of 15-17 years with a group of both onshore and offshore financial institutions, totaling 5 lenders. The purpose of this long-term loan is to develop and operate a 50-megawatt (MW) photovoltaic solar power plant, TTCIZ-02, in Tay Ninh Province in Viet Nam with an approximate project value of $50 million.

TTC Green has commenced commercial operation on April 19, 2019 and has a power purchase agreement with Vietnam Electricity for 20 years under agreed tariff of $9.35 cents/kWh.
Gulf Energy Development PCL., led by, Ms. Yupapin Wangviwat (4th from left), Executive Director, at the signing ceremony for the loan deal with Asian Development Bank, Bangkok Bank Public Company Limited, Siam Commercial Bank Public Company Limited, Standard Chartered Bank (Thai) Public Company Limited and The Leading Asia’s Private Infrastructure Fund (LEAP), which is supported by the Japan International Cooperation Agency (JICA).

From left to right
– Mr. Attanan Chantanavicharn, First Senior Vice President, Client Coverage, Siam Commercial Bank Public Company Limited;
– Mr. Kazuo Takeuchi, Senior Representative, JICA Thailand Office;
– Mr. Jackie B. Surtani, Director, Infrastructure Finance Division 2, Private Sector Operations Department, ADB;
– Ms. Yupapin Wangviwat, Executive Director, Gulf Energy Development Public Company Limited;
– Ms. Niramarn Laisathit, Senior Executive Vice President, Corporate Banking, Bangkok Bank
– Mr. Dechanun Chotikapanich, Director, Relationship Manager, International Corporates, Standard Chartered Bank (Thai) Public Company Limited