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11 October 2004 - Gulf Electric Ltd, the concession holder for the Kaeng Khoi power plant, is preparing to raise its registered capital by 9bn THB ($218 m) to finance the gas turbine project in Saraburi.
President Sarath Ratanawadee said the investment cost of the project was $800 m, about $600 m of which would be in the form of loans. The remainder would be financed by the capital increase.
Sarath said the capital increase would come from existing shareholders. Japan based J Power Group and the Electricity Generating Plc (Egco) each hold a 50 per cent stake in Gulf Power Generation Co, the project operator wholly owned by Gulf Electric.
The 1400 MW Kaeng Khoi project in Saraburi replaces one originally planned for Bo Nok in Prachuap Khiri Khan, but later moved because of strong opposition from local residents and environmentalists. The plant will also rely mainly on natural gas rather than coal as originally planned.
The Electricity Generating Authority of Thailand (EGAT) has approved a proposal by Gulf Power to double generation capacity to 1468 MW from the 734 MW designed originally.
Also, the environmental impact for the study for the project has been submitted to the Natural Resources and Environment ministry and the company is now seeking contractors.
Under the plan, the first phase with generating capacity of 734 MW would be commissioned in 2007 and the second phase would be completed the following year.
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