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Thailand Solar Power Project (Thailand) Extended Annual Review Report Project Number: 46934-014 Loan Numbers: 2992 and 8268 September 2017 Loan Central Thailand Solar Power Project (Thailand) This is the abbreviated version of the document that excludes commercially sensitive and confidential business information that is subject to exceptions to disclosure set forth in ADB’s Public Communications Policy 2011. CURRENCY EQUIVALENTS Currency unit – baht (B) At Appraisal At Project Completion 28 February 2013 31 December 2016 B1.00 – $0.03 $0.03 $1.00 – B29.84 B35.82 ABBREVIATIONS ADB – Asian Development Bank COD – commercial operation date CRS – community relations staff CSR – corporate social responsibility CTF – Clean Technology Fund EGAT – Electricity Generating Authority of Thailand EGCO – Electricity Generating Public Company EHS – environmental, health and safety EIRR – economic internal rate of return EPC – engineering, procurement, and construction EPPO – Energy Policy and Planning Office FIRR – financial internal rate of return GHG – greenhouse gas IEE – initial environmental examination LCL – local currency loan LTA – lender’s technical agent MEA – Metropolitan Electricity Authority NEPC – National Energy Policy Council O&M – operation and maintenance PEA – Provincial Electricity Authority PPA – power purchase agreement PV – photovoltaic RRP – report and recommendation of the President SPP – small power producer SPS – Safeguard Policy Statement tCO 2 – ton of carbon dioxide VSPP – very small power producer WACC – weighted average cost of capital WEIGHTS AND MEASURES kWh – kilowatt-hour MW – megawatt MWh – megawatt-hour NOTES (i) The fiscal year (FY) of Solaro Company Limited ends on 31 December. FY before a calendar year denotes the year in which the fiscal year ends, e.g., FY2000 ends on 31 December 2000. (ii) In this report, "$" refers to US dollars. Vice -President D. Gupta, Private Sector and Cofinancing Operations Director General M. Barrow, Private Sector Operations Department (PSOD) Director C. Roberts, Portfolio Management Division, PSOD Team leade r A. Patil, Investment Specialist, PSOD Team members L. Johannes, Senior Results Management Specialist, PSOD P. Macabuhay-Ohunov, Associate Investment Officer, PSOD K. Paocharoen, Senior Investment Officer, PSOD A. Porras, Senior Safeguards Officer, PSOD R. Samiano, Safeguards Officer, PSOD In preparing any country program or strategy, financing any project, or by making any designation of or reference to a particular territory or geographic area in this document, the Asian Development Bank does not intend to make any judgments as to the legal or other status of any territory or area. CONTENTS Page BASIC DATA i EXECUTIVE SUMMARY ii I. THE PROJECT 1 A. Project Background 1 B. Key Project Features 1 C. Progress Highlights 2 II. EVALUATION 2 A. Project Rationale and Objectives 2 B. Development Impact 3 C. ADB’s Additionality 5 D. ADB’s Investment Profitability 5 E. ADB’s Work Quality 6 F. Overall Evaluation 6 III. ISSUES, LESSONS, AND RECOMMENDED FOLLOW-UP ACTIONS 6 A. Issues and Lessons 6 B. Recommended Follow-up Actions 7 BASIC DATA Central Thailand Solar Power Project (46934-THA) As per ADB Loan Documents Actual Key Project Data (B million) (B million) Total project cost 6,600 5,821 ADB investment: Loan: Committed 1,650 1,650 Disbursed 1,650 Supplementary cofinancing CTF loan: Committed $35 million $35 million Disbursed $35 million Project Administration and Monitoring No. of Missions No. of Person - Days Due diligence and loan negotiation 1 12 Project administration 1 4a XARR mission 1 12 ADB = Asian Development Bank, CTF = Clean Technology Fund, XARR = extended annual review report. a Two safeguards officers in the Private Sector Operations Department participated in the project administration mission. ii EXECUTIVE SUMMARY On 28 February 2013, the Board of Directors of the Asian Development Bank (ADB) approved (i) a local currency loan not exceeding B1,650 million from ADB’s ordinary capital resources and (ii) the administration of a loan funded by the Clean Technology Fund (CTF) of up to $35 million to Solarco Company Limited (Solarco) for the installation and operation of a 57-megawatt (MW) thin-film photovoltaic solar power project at three main sites in Nakhonpathom and Suphanburi provinces in Thailand. The Electricity Generating Public Company, the first independent power producer in Thailand, has the exclusive rights to manage the project, which reinforced the viability of solar power generation in the country. The project is a public–private partnership under Thailand’s very small power producer (VSPP) program, a modality that promotes private participation in the development of clean energy infrastructure in the country. The project comprises six subprojects of 9.5 MW each under six power purchase agreements with Thailand’s Provincial Electricity Authority for a power offtake of up to 57 MW. The project was cofinanced by Bangkok Bank and Kasikorn Bank, local Thai commercial banks. It was completed within budget and on schedule. Three subprojects began commercial operations on 18 November 2013, while the other three started on 16 December 2013. The project was assessed as highly successful overall, based on the criteria in (i) the Project Administration Instructions 6.07B on the preparation of extended annual review reports for nonsovereign operations, issued in July 2008; and (ii) the Guidelines for the Preparation of Project Performance Evaluation Reports on Nonsovereign Operations, issued in November 2014. The four main criteria used were (i) development results, (ii) ADB’s additionality, (iii) ADB’s investment profitability, and (iv) ADB’s work quality. Development results were evaluated based on (i) contributions to private sector development and ADB’s strategic development objectives; (ii) economic performance; (iii) environmental, social, health, and safety performance; and (iv) business success. The contributions to private sector development and ADB’s strategic development objectives were rated excellent . The project demonstrated the effectiveness of public–private partnerships, given that the private sector’s long-term capital investment played a critical role in the development of clean energy infrastructure. The project also demonstrated environmental sustainability and helped expand environment- friendly technologies for clean energy generation and use. From 2014 to 2016, the project transmitted 353,237 megawatt-hours of electricity and avoided 196,187 tons of greenhouse gas emissions. The project fully aligned with ADB’s Strategy 2020, country partnership strategy for Thailand, and Energy Policy. It met the policy objective of environmentally sustainable development and demonstrated the efficacy of a private initiative in infrastructure development to meet growing energy demand in the region. The project supported the Government of Thailand’s long-term objective for the Thailand Clean Technology Fund Investment Plan. The project was rated satisfactory for economic sustainability. It contributed to social and economic well-being and the quality of life of the people living in the service area. The project was rated satisfactory for environmental, social, health, and safety performance. It has adequately met the national laws and ADB’s requirements for environmental and social safeguards. Solarco implemented adequate mitigating measures during construction and operation. No issues related to environmental and social safeguards are outstanding. iii Business success was rated excellent . ADB’s additionality was rated satisfactory . Its participation was important in boosting private involvement in the renewable energy sector of Thailand. It facilitated local Thai commercial banks to extend their loan tenor, thus narrowing the financing gap between developing and mature markets for funding the solar power project. ADB identified the project as an eligible clean energy project and administered the CTF loan to support the government’s strategic direction. ADB’s participation and assistance was critical in establishing the maturity of the renewable solar power industry in the region and to reaffirm that the perceived risks of solar power in the industry’s early development stage are no longer relevant. Long-term financing is essential for renewable energy projects to reduce asset–liability mismatches and better amortize the high upfront costs associated with renewable energy. ADB’s full amortization of the local currency loan and the CTF loan (both with 15-year tenors) made the overall financing structure viable for the project. ADB’s investment profitability was rated satisfactory . The project was completed within budget and on schedule, complies with all financial covenants, and has been making timely interest and principal payments. The loan margin and fees yielded a gross contribution to ADB income that exceeds (i) the amount compatible with the direct transaction cost, (ii) the risk profile of the project, and (iii) the country risk at the time of investment. ADB’s overall work quality was rated satisfactory . ADB conducted due diligence on technical, legal, environmental, social, and financial aspects to confirm the project’s fundamentals and development impact. Its work quality for screening, appraisal, and structuring was rated satisfactory . Its work quality for monitoring and supervision was sufficient and rated satisfactory . ADB maintains constant communications with Solarco’s management and the other lenders. The project has helped Thailand diversify its energy mix and
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