EGAT seeks $411.5M loan to fast track 2 projects

EGAT is moving up two investment projects worth US$411.5 million a year earlier than scheduled to support the "Strong Thailand" project.

The first project, a transmission grid to connect independent power producers' plants worth US$235 million, will be carried out during 2009-2013. The second project is a transmission grid to connect the Hongsa power plant in Laos and will be invested during 2009-2014.

"The two projects' schedule is moved up a year earlier and we're seeking more baht loans to finance them," said Sombat Sarntijaree, governor of the power agency.

From the US$411.5 million loan portfolio, only 10 percent is denominated in foreign currencies.

Sombat added that the Electricity Generating Authority of Thailand will invest US$1.175 billion to US$1.469 billion this year. Of the plan to issue US$1.35 billion bonds throughout 2009, the agency has so far issued US$1.26 billion.