Nexif Energy, an independent power producer in Asia and Australia, has signed an EPC contract for an 110MW cogeneration project in Rayong Province in Thailand.
Nexif acquired the project in June 2017 and financial close is expected to be achieved in the first quarter of 2018.
The project will supply power to the Electricity Generation Authority of Thailand (EGAT) under a 25-year power purchase agreement and provide energy to industrial customers.
A consortium of lenders will finance the project on a non-recourse basis with Standard Chartered Bank leading the financing effort.
The turn-key, fixed-price EPC contract was signed with a consortium of Korean construction companies comprising Doosan Heavy Industries & Construction Co and SC Engineering Co.
The contract includes the supply and installation of a General Electric 6FA gas turbine operating in combined cycle with a Doosan DST-G20 steam turbine.
In December 2017, Nexif was awarded a concession for an 80MW wind farm project in Ben Tre Province in Vietnam.
The company also achieved financial close on the first phase of Lincoln Gap 212MW wind farm and 10MW battery project in Australia in November 2017.
The company acquired Coc San hydro project in Lao Cai Province in Vietnam in early 2016 and commercial operations commenced in the middle of 2016.
Nexif founder and co-CEO Surender Singh said: “We are encouraged by the progress we are making in the development and financing of the project, our first in the country.
“We are pleased to serve our customers by providing reliable and competitive power and have the opportunity to contribute to the fast growing economy of Thailand.”
Nexif executive vice-president (development) Ravi Chandran said: “Our project is well-structured, as it is underwritten by a long-term PPA with creditworthy off-taker, has long-term gas supply contracts with a leading gas supplier and has the ability to supply electricity and steam to industrial customers.
Nexif executive vice-president (projects and operations) Srinivas Rao said: “Nexif is excited to work with leading Korean firms Doosan and SC Engineering, both of whom have a track record for delivering similar projects on time and on budget.”