Sindicatum Ups TMB Bank Facility to $40 Million, Expands Thai Renewables
Press Release: TMB Bank Financing Sindicatum’s Renewable Power Project
Bangkok, 30 June 2014. TMB Bank and Sindicatum Sustainable Resources today announced the signing of a USD 12m term-loan facility agreement with a 7-year maturity. This marks the third facility extended to Sindicatum by TMB Bank, bringing the total to USD 40m. The funding will be used for the construction of an 8 MW base load landfill gas to energy project in Nakhonpatom Province, near Bangkok, Thailand, the Crane Renewable Energy project (“Crane”).
The project will use biogas generated from landfill waste originating from the municipality of Bangkok. Crane will benefit from the Very Small Power Producer scheme, a proven government initiative to promote renewable energy in Thailand. Crane is expected to generate 40,000 MWh per year (sufficient to power 40,000 homes), and to reduce greenhouse gas emissions by approximately 200,000 tonnes per year (equivalent to taking 63,000 cars off the road). In addition, through Crane, Sindicatum and TMB will create high quality local employment opportunities and contribute to a healthier environment through improved air quality in the area.
Sindicatum’s existing Landfill Gas to Energy portfolio in Thailand includes two operational 8-MW base load projects, as well as the new Crane Project. The two operating projects, also financed by TMB Bank, have been generating power since 2010 and similarly utilize biogas generated from two of Asia’s largest landfills (receiving over 5,000 tonnes of municipal waste from Bangkok each day). Landfill gas is extracted through a network of pipes laid in the landfill, and transported to a gas treatment system. The treated gas is then sent to generators exporting power to the Thai national grid, with any surplus gas sent to enclosed ground flares. To date, Sindicatum’s landfill gas to energy projects in Thailand have generated power sufficient to power 99,000 homes and abated emissions equivalent to taking 250,000 cars off the Thai roadways. Crane, using similar technology, is expected to be operating in 2015.
Mr. Alexander Nondh Langfeldt , Executive Vice President said: “We are very pleased to have been able to finance the two existing projects, and we are proud to be providing support to another quality renewable energy project. The bank place high importance to the sector as it contributes to the sustainable development of the country. We are also keen to support Sindicatum, with other exciting projects.”
Assaad Razzouk, Chief Executive Officer of Sindicatum, said: “We are grateful to TMB Bank, to our local partners and to the communities where we operate, for their continuing strong support to our Thai clean energy projects. Thailand is on the front lines of suffering from climate change and we are passionate about our role in slowing emissions, while helping the country transition to an economy and lifestyles fuelled by a clean energy infrastructure.”
— END —
TMB Bank Plc. http://www.tmbbank.com/. One of the leading Thai commercial banks, with a presence since 1957 and total assets of USD 24 billion as of Q1 2014. Thai Ministry of Finance and ING Bank N.V. are the major shareholders, holding 26.1% and 25.2% respectively.
Press Contact: Monthon Jaruvanaporn, Team Head, Power Industry
Sindicatum is an award-winning developer, owner and operator of clean energy projects that reduce greenhouse gases and produce sustainable resources (clean energy, biogas, water and physical commodities) and environmental commodities. The company was founded in 2005 and operates 152 MW of clean energy projects in Asia with established business units in Bangkok, Jakarta, Manila, New Delhi, Singapore, Beijing and Taiyuan (Shanxi Province, China). To date, Sindicatum has committed more than US$400 million to greenhouse gas reduction and sustainability projects
Press contact: Michael Boardman, CFO
T: +65 6732 8897