SSP IFC Grenn Loan
SSP IFC Grenn Loan
Bangkok, Thailand, March 6, 2024 —A new investment through a green loan facility will help develop more renewable energy projects in Thailand, Indonesia, and Vietnam, with IFC's $64 million to Sermsang Palang Ngan Company Limited (SPN) aiming to address the region's growing energy demand.
The financing package includes an IFC loan of up to $32 million (THB1.2 billion) and a parallel loan from Siam Commercial Bank (SCB) for a similar amount. IFC's funding will help SPN finance the acquisition, development, and construction of renewable projects—especially solar farms, solar rooftops, and biomass—in Thailand as well as in other ASEAN countries. IFC will also assist the company with a green finance framework as it expands its footprint in the East Asia and Pacific region.
SPN currently owns a 52-megawatt solar photovoltaic power plant in Lopburi province, north of Bangkok, which sells power to the Electricity Generating Authority of Thailand (EGAT) under a non-firm power purchase agreement.
"We are honored that IFC has supported us in developing projects which reflects our commitment to secure a future energy source for everyone, powering a better tomorrow with renewable energy investments in Asia" said Mr. Varut Tummavaranukub, CEO of Sermsang Power Corporation Public Company Limited (SSP) group, parent company of SPN.
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