GULF successfully signs a long-term loan agreement on GSRC power project
Publish on November 09, 2018
Gulf GSRC power project, operated by Gulf Energy Development Public
Company Limited or GULF, has successfully secured debt financing and has entered into financing
agreements to obtain long-term loan facilities.
GSRC power project, the first of the IPP projects, has successfully secured debt financing and has
entered into financing agreements to obtain long-term loan facilities with an aggregate amount of
approximately 38,000 million baht, in which 50% is denominated in Thai Baht and 50% is denominated in
the U.S. dollar.
Gulf SRC or GSRC has entered into financing agreements with a group of both onshore and offshore
financial institutions, totaling 12 lenders, including Japan Bank for International Cooperation (JBIC),
Bangkok Bank Plc., Bank of Ayudhya Plc., CIMB Thai Bank Plc., Sumitomo Mitsui Trust Bank, Limited,
Singapore Branch, Land and Houses Bank Plc., Asian Development Bank (ADB), The Siam Commercial Bank
Plc., TMB Bank Plc., Mizuho Bank, Ltd., Bangkok Branch, Export-Import Bank of Thailand, Industrial and
Commercial Bank of China (Thai) Plc.
In addition, the GSRC power project is located in the WHA Eastern Seaboard Industrial Estate 1, Sriracha
district, Chonburi province, with an approximate project value of 51,000 million baht, in which GULF
Group holds 70% stakes and Mitsui & Co., Ltd., a major Japanese trading group, holds 30% stakes. It has
a contracted power generation capacity of 2,500 megawatts to supply electricity to the Electricity
Generating Authority of Thailand (EGAT) for 25 years. Thus, the project starts from March 2021 until
October 2022. The GSRC power project commenced civil engineering construction and site preparation on
July 1, 2018 and it will commence construction on December 3, 2018