PROJECT

Projects

Summary of Investment Information

Project Number

46536

Company Name

SERMSANG PALANG NGAN CO., LTD

Date SPI Disclosed

Dec 14, 2023

Country

Thailand

Region

East Asia and the Pacific

Projected Board Date

Oct 27, 2022

Environmental Category

B - Limited

Status

Active

Last Updated Date

Dec 14, 2023

Department

Regional Industry - INF Asia & Pac

Industry

Infrastructure

Previous Events

Approved : Oct 31, 2022
Signed : Dec 23, 2022
Invested : Jun 28, 2023

Sector

Solar - Renewable Energy Generation

Project Description

The investment involves providing a long-term senior secured green debt package of up to THB2.4 billion (US$67 million) to Sermsang Palang Ngan Company Limited (“SPN”, “Company” or the “Borrower”), a wholly owned subsidiary of Sermsang Power Corporation Public Company Limited (“SSP” or the “Sponsor”) for financing the Company’s 52 MWp operational solar power plant in Thailand (the “Project”). The proposed investment consists of an (i) A Loan of up to THB1.2 billion (US$33.5 million) and a (ii) parallel loan for an equivalent amount.

 

Proceeds of IFC A and parallel loan shall be utilized to refinance existing project debt of SPN (for an existing solar project located in Lopburi, Thailand) and the corporate debt of SSP in total around THB1,566 million (c.US$44 million) while the balance amount from the parallel lender would be utilized by the Sponsor to finance the acquisition, development and construction of renewable energy projects (solar farms, solar rooftops, wind and biomass) across Asia. No IFC funds will be used to acquire or develop other projects identified by the Sponsor.

Associated Advisory Engagement

 There are no advisory services associated with this investment.                                                  

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation