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DAM-L LS: Tractebel buys into Houay Ho (fwd)
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Date: Tue, 6 Nov 2001 13:47:48 -0800 (PST)
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Subject: LS: Tractebel buys into Houay Ho
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http://www.tractebel.be/download/press/uk-html/20010913_en_egi_Tractebel%20buys%
20into%20Laos%20hydro%20project.htm
Tractebel Press Release
Brussels, 13 September 2001
Tractebel buys into Laos hydro project
Tractebel and its Thai partner MCL, have entered into a Share Purchase
Agreement
to acquire an 80% controlling stake in the 150MW Houay Ho dam-reservoir
hydroelectric project in Laos from Daewoo Engineering & Construction
(Korea) and
from Loxley (Thailand).
The total acquisition price, for 80% of the equity and 100% of the debt,
amounts
to approximately USD 140 million. The remaining 20% of the equity is held by
Electricite du Laos.
All the output is sold to the Electricity Generating Authority of Thailand
under
an international standard 30 years power purchase agreement, and the
project was
constructed under a Build-Operate-Transfer Agreement with the Government of
Laos.
The final closing of the transaction is subject to the official approval of a
Concession Agreement with the Government of Laos PDR. Tractebel has advanced
negotiations to refinance the project with Thai commercial banks.
Selling electricity to Thailand is one of the key pillars of Laos’ economic
development, and is a major earner of foreign currency for the country. This
project, which has been operational for almost two years will make an
immediate,
positive contribution to Tractebel’s consolidated results.
“This project is a key element in Tractebel’s growth strategy in Thailand”
says
Dirk Beeuwsaert, CEO of Tractebel EGI. “This plant enables us to diversify
our
generating portfolio in Thailand, which is mainly based on gas-fired plants.
Houay Ho is a low-cost producer, able to generate energy when demand is
highest,
and therefore plays a significant role in Thailand’s electricity supply.
Besides, with its existing generating assets in Thailand and this new
acquisition in Laos, Tractebel is at the heart of the development of a
regional
electricity system in South-East Asia, and more specifically the future
high-voltage interconnection between Thailand, Laos, Cambodia, Vietnam and
Southern China.”
Tractebel in Thailand
In November last year, Tractebel acquired all of Sithe Energies Inc’s
companies
in Thailand including a 62% stake in The Cogeneration Public Company Limited
(COCO) and 100% of Samut Prakarn Cogeneration Company Ltd. and Nong Khae
Cogeneration Company Ltd. After a tender offer launched beginning of this
year,
Tractebel now owns 98% of COCO.
Through H-Power, the joint venture company between Hemaraj Land and
Development
Co Ltd (25%) and Tractebel (75%), the Group owns :
· Bowin Power (100% H-Power) : a 741 MW IPP (Independent Power
Producer)
facility consisting of two gas-fired combined cycle turbines, under
construction
at the Chonburi Industrial Estate on the Kingdom’s Eastern Seaboard. Bowin
Power
closed its financing on July 14th 2000;
· Industrial Power (100% H-Power): a 120 MW/ 100 t/h steam gas-fired
cogeneration plant at the Eastern Industrial Estate in Map Ta Phut (Eastern
Seaboard) supplying steam and 10MW to industrial clients and the rest to EGAT;
· Industrial Water Supply (100% H-Power), which provides 80m³/h
demineralised water to industrial customers in the same area.
Tractebel is also a founding member of PTT Natural Gas Distribution Co Ltd,
Thailand’s largest natural gas distribution company and one of the first in
Asia. It distributes natural gas to industrial estates in the greater Bangkok
area. Tractebel’s partners in this joint venture are the Petroleum
Authority of
Thailand (PTT) and the Crown Property Bureau. Tractebel owns an equivalent
stake
with PTT (49%) in the joint venture.
Tractebel Engineering has an operational base in Bangkok, Pro-En Technologies
Ltd. The company employs 85 people and offers engineering services in the
following areas: project management, power and energy, water and environment,
mechanical, electrical, civil and structural engineering.
Since 1992, Elyo (Tractebel’s subsidiary specialised in energy services) has
also been active in Thailand, with a local partner (Teo Hong Group) to provide
on-site services for commercial and industrial companies. Moreover, Elyo
has set
up a partnership in Facilities Management with Hemaraj Land and Development.
Employing more than 300 people, Elyo’s subsidiary in Thailand completes
Tractebel’s multi-services offer.
Elsewhere in South-East Asia, Tractebel EGI has operations and interests in
Singapore and South Korea, while it is developing projects in various other
Asian markets. Tractebel is the energy arm of Suez.
Contacts
Jacques Van Hee
External Relations
Tel. (+32-2) 510 73 48
Fax (+32-2) 510 73 88
e-mail : jacques.van-hee@tractebel.com
Denis Lyon Lynch
Investor Relations
Tel. (+32-2) 519 27 24
Fax (+32-2) 518 62 85e-mail : denis.lyonlynch@tractebel.com
----------
Chris Lang
Wurmbachstrasse 12
60487 Frankfurt am Main
Germany
tel. +49 (0)69 7079 2903
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