Nexif Energy secures funding for 92MW co-generation power project in Thailand

Bangkok, Thailand. Photo by Jakob Owens on Unsplash

Nexif Energy, the Singapore-headquartered Asian and Australian power firm, announced that it had secured debt facility and partnership agreements for a 92-MW gas-fired co-generation project in Thailand, the company’s first investment in the country.

Debt funding for the project is provided by a consortium composed of Kasikornbank Public Company Ltd, Sumitomo Mitsui Banking Corporation, and Standard Chartered Bank (Thai) Public Company Ltd. Equity funding, on the other hand, is provided by Nexif Energy and its project partner, Ratch Group Public Company Ltd (RATCH).

The co-generation power project is situated at the SSP industrial estate in Rayong province, Thailand. The project will sell electricity under a 25-year power purchase agreement with the Electricity Generating Authority of Thailand.

Nexif Energy said the Rayong co-generation project will serve industrial customers in the SSP Industrial Estate located in the fast-growing Eastern Economic Corridor of the country. The company also emphasised that the project will utilise the latest, most-efficient combined cycle gas turbine technology available at this scale.

The project is expected to be completed in the second quarter of 2022, with RATCH taking a 49-per cent stake and Nexif holding 51 per cent.

“The project helps build Nexif Energy’s portfolio and represents an important step towards our vision of delivering clean, reliable power to our customers,” said Nexif Founder and Co-Chief Executive Officer Surender Singh.

The project followed Nexif Energy’s acquisition of the Song Giang Hydropower JCS in Vietnam in December 2019. Song Giang owns two run-of-river hydropower projects totaling 49MW in the Khanh Hoa province of Vietnam.

Nexif Energy was formed in August 2015 by Nexif, a Singapore-based independent power management company, and Denham Capital, a global energy-focused private equity firm with more than $10 billion of invested and committed capital across eight funds.

The energy project in Thailand comes as the Association of Southeast Asian Nations (ASEAN) has set an ambitious target of securing 23 per cent of its primary energy from renewable sources by 2025 as energy demand in the region is expected to grow by 50 per cent.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.