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MONDAY, December 05, 2022
RAC secures funding for windmill project 

RAC secures funding for windmill project 

WEDNESDAY, November 02, 2016

RATCH-AUSTRALIA Corporation (RAC), an 80-per-cent-held subsidiary of Ratchaburi Electricity Generating Holding (RATCH), has closed a financing agreement worth 258.3 million Australian dollars (Bt6.9 billion) for its Mount Emerald wind-farm project in Queensland state.

The deal is with four financial institutions: Australia and New Zealand Bank, National Australia Bank, the Bank of Tokyo Mitsubishi and Societe Generale. 
In addition, RAC has completed an engineering, procurement and construction agreement, a grid-connection agreement, a warranty operation and maintenance agreement, and other relevant contracts to enable construction of the Mount Emerald project to commence next month, with commercial operation scheduled for September 2018.
RATCH chief executive officer Rum Herabat said this financial deal was a significant milestone for the project, which will result in the largest wind farm in the Australian state of Queensland, with investment value of about A$400 million.
The Mount Emerald project will consist of 53 wind turbines. The project has entered a 13-year power purchase agreement (September 2018 to December 31, 2030) with Ergon Energy Queensland, a state-owned enterprise, he said.
The company says the Mount Emerald project responds well to RAC’s business strategy focusing on renewable energy and also supports RATCH’s target of 20 per cent of 10,000-megawatt capacity to be fuelled by renewable sources by 2023.
Importantly, the Australian government clearly favours the development of renewable-energy projects, giving RAC the opportunity for future value creation. Moreover, Rum said, the success of this project reflects the stakeholders’ confidence in RAC, which will lay the foundation for RATCH’s long-term business expansion in Australia. 
RAC wholly owned Mount Emerald wind farm, thus allowing RAC’s capacity rise to 654 megawatts deriving from wind power capacity of 198-megawatt and 456-megawatt from three natural gas-fired power plants. Once the Mount Emerald project is complete, RATCH’s |total equity capacity will increase to 6,980MW, of which the renewable portfolio will be 894MW, accounting for nearly 13 per cent.