Thailand's first utility-scale solar power project has gone ahead despite tight credit markets worldwide, thanks to a $30 million project financing deal arranged by Clifford Chance for Thai banking client Kasikornbank Public Company (KBank).
Sponsored by Thailand-domiciled Solar Power Company, the project will be built in the north-east of the country, and have a six megawatt capacity when completed.
Bangkok-based counsel at Clifford Chance Joseph Tisuthiwongse called the transaction the first of many such projects as the jurisdiction moves toward a more diversified fuel mix, including renewable energy. Thailand's Ministry of Energy aims to increase its alternative energy capacity to 20 per cent of local demand by 2022.
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