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A total finance package worth US$1,580 million in capital commitments to NTPC was completed in May 2005. This funds the total base Project cost of $1,250 million, plus additional amounts for contingency and ancillary bonding facilities. The financing arrangements reflect the Project economics: just as NTPC will receive payment for the electricity it generates in a US dollar/Thai baht split, so its credit is arranged in a half dollar-half baht arrangement. This increases the financial stability of the arrangement. The US$ senior debt facilities include political risk guarantees from the Asian Development Bank (ADB), the World Bank and the Multilateral Investment Guarantee Agency (MIGA), export credit agency support from COFACE of France, EKN of Sweden and GIEK of Norway, and direct loans from a number of multilateral and bilateral development agencies including the ADB, Nordic Investment Bank, Agence Française de Développement (AFD), PROPARCO and the Export-Import Bank of Thailand. Nine international commercial banks (ANZ, BNP Paribas, BOTM, Calyon, Fortis Bank, ING, KBC, SG and Standard Chartered) and seven Thai commercial banks (Bangkok Bank, Bank of Ayudhya, Kasikornbank, Krung Thai Bank, Siam City Bank, Siam Commercial Bank and Thai Military Bank) are providing long term loans to NTPC. In addition to senior loans facilities, shareholders complete the Project financing by contributing equity pro-rata their respective participation in NTPC. The equity contribution of LHSE is financed by means of loans, grants and other financing from institutions including the AFD, ADB, European Investment Bank and the World Bank.
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