Aug. 4. 2003
Marubeni Corporation (Ohtemachi, Chiyoda-ku,Tokyo) got an order of Turnkey Construction Contract for 37 MW Co-generation Power Plant from GLOW SPP PUBLIC COMPANY LIMITED (GLOW), who is the 99% subsidiary of Tractebel (Belgian Company) and is one of the biggest independent power producer in Thailand. The Contract Price is about JPY 3 billion. The financing for the project is GLOW's own finance based on the positive cash retained by GLOW through his operation in Thailand. The period of construction will be 18 months.?Under the contract, engineering and procurement of the major components will be handled by Toshiba Engineering Corporation (Kawasaki, Kanagawa-ken).
This power plant is located at Eastern Seaboard Industrial Estate in Map Ta Phut, Rayong, and is the 4th phase of power plant construction project built by GLOW (formerly The Cogeneration Company Limited "COCO"). Out of such phases, Marubeni have previously been awarded the contract for the phase 3 of the project (530MW, about JPY40billion) in 1996 & 1997 and have successfully completed the projects.
Taking advantage of its know-how and experience in South-East Asia and its credibility established towards GLOW, Marubeni aims to get an order of the expansion contract from GLOW within this year (additional identical Cogeneration Plant - Stage 2), and further, starting from this contract, to establish its strong business basis in Thailand towards the emerging electricity market in the country where, after the recovery from currency crisis in 1997, the increase in electricity demand is now foreseen.