KBank backs solar energy

Kasikornbank is appointed the mandated lead manager to raise Bt21 billion for Solar Power Plc.

The fund will finance the construction of 34 solar farms with capacity of 6 megawatts each, or a total of 204MW. If all projects are completed in 2013 as expected, Solar Power will be the world's largest solar power producer.

Krisada Lamsam, first senior executive vice president of the bank, said this is in line with the bank's focus of promoting renewable energy.

The bank earlier extended a Bt3.1 billion loan to finance Solar Power's 3 projects with a combined capacity of 18MW in Nakhon Ratchasima, Sakhon Nakhon and Nakhon Phanom. All three have started selling power to the Provincial Electricity Authority.

KBank aims to be the premier financier for conventional and renewable power generation. As of April 2011, the bank has been the financial adviser and mandated lead arranger for many deals, helping to raise a total of Bt150 billion, which is 91 per cent of the industry's Bt161 billion credits to the power generating industry. Direct financing from the bank totalled Bt60 billion, with Bt27 billion outstanding.