On June 30th, 2021 – Thailand. Constant Energy’s very first solar project in Thailand; Nakhon Ratchasima Solar (NRS) farm completed its last debt payment to their lender Krungthai Bank (KTB). KTB is the largest State-owned bank in Thailand, operating for more than half a century. Nakhon Ratchasima Solar (NRS) plant has been developed, built, and asset managed by Constant Energy Solar (Thailand) Co., Ltd. since 2011. The total capacity of this solar farm is 7.49 MW.
Due to limited factory access during the COVID-19 pandemic situation in Thailand, the virtual ceremony was held to celebrate the final paycheck and a long-term partnership between Constant Energy, Sinar Mas Mining, SUN Energy, CKPower, and Krungthai Bank. Hunton Andrews Kurth LLP has also joined as a legal advisor in the transaction via Zoom meeting.
Franck Constant, Founder, and CEO of Constant Energy stated “We are very appreciative and happy to see how far we have come. It has been almost 11 years on this journey with Krungthai Bank since the first day of this project; Nakhon Ratchasima Solar Farm. It has been an amazing experience working with Krungthai Bank, Sinar Mas, CKPower on this project. We appreciate the early vision of our partners and KTB to project finance this solar farm as pioneers with us ten years ago and trusting our team to manage this project day to day in the long term. We hope that in the future there will be more opportunities for us to work together on other green energy projects.”
About Constant Energy
Constant Energy is a solar project developer and Independent Power Producer (IPP). We develop, design, finance, build, own and operate since 2012 large solar power plants under Feed-in-Tariff and Corporate PPA. Regionally headquartered in Bangkok, we operate in Asia with a primary focus in Southeast Asia. We produce clean electricity to our clients for the long term, enabling them to (i) reduce their CO2 emissions, (ii) reduce electricity bill, and (iii) increase profitability while they are focusing on their core business activities. In January 2020, Constant Energy raised growth capital from private investment firm Olympus Capital through its Asia Environmental Partners (“AEP”) vehicle.
More information at www.constantenergy.net
About Sinar Mas Mining
An Indonesian worldwide enterprise technology-based that holds business pillars from digitally-enabled financial services to energy & resources, from private equity to consumers & lifestyle. Our mission statement is to shape the future of the world by enabling the highest quality financial services, energy resources and commercial outputs that heavily rely on technology for our customers, stakeholders, employees and ecosystem allies. We also believe we need to lead and rule the ultimate technologies behind all of our businesses and products, which from there we can generate social prosperity for global communal diversity
More information at https://www.sinarmasmining.com
About SUN Energy
PT Surya Utama Nuansa (SUN Energy) is a leading solar project developer in Indonesia, having secured 50 MWp of solar projects within 5 years of operations since its establishment in 2016. SUN Energy is experienced in providing integrated solutions, from conception to construction including project siting and permitting, financing, market development and solar leasing.
More information at https://sunenergy.id
About CKPower (CKP)
CK Power Public Company Limited (the “Company” or “CKP”) was founded by CH. Karnchang Public Company Limited Group (“CH. Karnchang Group”), registered its incorporation on June 8, 2011, with its registered capital of Baht 1,000,000, and with the objective to become the center of CH. Karnchang Group’s focus on investment in the business of production and distribution of electricity generated from various types of energy sources. The Company registered its conversion into a public company on February 6, 2013, and its ordinary shares were listed as listed securities, and started trading on the Stock Exchange of Thailand (“Stock Exchange”) on July 18, 2013, with its registered capital of Baht 5,500 Million, fully paid-up. On April 10, 2015, the Company registered its capital increase to Baht 9,240 Million. At present, the Company’s registered and paid-up capital amounts to Baht 8,129 Million.
More information at https://www.ckpower.co.th/en/home
About Krungthai Bank
Krungthai bank is now growing together with Thai society by adapting itself to the change and competitive environment. The bank has transformed from being “The Convenience Bank”, which is the present standard, to the concept of “Growing Together for Sustainability” bank. With that particular concept, we dedicate ourselves to enhance our human resources ‘s qualifications and create value service which surely support the growth and stability of the customers, contribute to shape better society and satisfactory sustainable yields to our shareholders.
More information at https://krungthai.com/en/personal
About Hunton Andrews Kurth
With 1,000 lawyers in the US, Asia, Europe and the Middle East, Hunton Andrews Kurth LLP serves clients across range of complex transactional, litigation and regulatory matters. It is known for strengths in the renewable and traditional energy, financial services, and real estate industries. Through the Bangkok office, the firm’s energy and infrastructure team has represented clients in some of the largest and most complex energy and infrastructure project development and financing and M&A transactions throughout Asia.
More information at https://www.huntonak.com/en/