Glow IPP project wins financing deals

 The dollar financial deal was granted by seven international banks - Bank of Tokyo-Mitsubishi UFJ, Calyon, Fortis, KBC, KfW, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation.

 The baht loan is provided by Bank of Ayudhya and Kasikornbank. 

 The financing accounts for 65 per cent of the project's total cost.

 GHECO-One entered into a 25-year Power Purchase Agreement with Electricity Generating Authority of Thailand on September 10.

 Esa Heiskanen, the newly appointed CEO of the Glow Group, said, "We are very pleased that we are able to reach agreement on the financing of our new IPP project.  Despite the recent turmoil in the financial markets, we were still able to achieve very competitive terms and conditions.  The support of our financial partners reflects the strong credit rating of the project. This has been a very successful period for Glow. With our recent investments, the company will be much larger in terms of capacity and earnings by the end of 2011."