Toyo Engineering Corporation (TOYO, President & CEO Katsumoto Ishibashi) and TEC Project Services Corporation (President Shigeyuki Imai) individually entered into the construction contracts and the supply contracts (Contracts) at the end of November 2014 for the twelve cogeneration power plant projects in Thailand, with the twelve special purpose companies jointly owned by Mitsui & Co., Ltd. (Mitsui) and Gulf Energy Development Company Limited (GED), and have received Notice to Proceed (NTP) for the GVTP Project (generation capacity 130MW), first one of the said twelve projects.
Based on the Contracts, the natural gas fired combined cycle cogeneration power plants are to be constructed at twelve sites in the suburbs of Bangkok (nine 120MW and three 130MW, total generation capacity 1,470MW). Following this first NTP, other eleven projects will begin about every 2 months sequentially by April 2017 with a gap of 6 months between the first 6 projects and the other 6 projects, and each of the twelve plants is scheduled for completion from May 2017 to July 2019. TOYO and Mitsui have previously completed the seven cogeneration power plant projects (five 110MW and two 120MW, total generation capacity 790MW) in the suburbs of Bangkok in 2013, and the successful implementation of these projects has led to the award of the new Contracts.
The government of Thailand initiated the SPP Program (*) in 1992 to promote high-efficiency energy utilization. Under this program, it is planned that each of the power plants will sell up to 90MW to the Electricity Generating Authority of Thailand (EGAT), and excess 30-40MW to customers nearby the site location. In Thailand, particularly in industrial areas near Bangkok, demand for electric power is expected to increase, and there are a lot of plans for new power plants including SPP and IPP (Independent Power Producer) based projects. TOYO is continuously focusing its efforts on these opportunities in Thailand.
Source: http://www.4-traders.com/news/Toyo-Engineering–Group-Awarded-Natural-Gas-Fired-Cogeneration-Power-Plant-Projects-in-Thailand–19887993/
