SPN Secures $64 Million Loan for Renewables Expansion

Sermsang Palang Ngan Company (SPN), a renewable energy project developer, secured a $64 million green loan facility provided by the International Finance Corporation (IFC).

The financing package includes an IFC loan of up to $32 million (THB1.2 billion) and a parallel loan from Siam Commercial Bank (SCB) for a similar amount. IFC’s funding will help SPN finance the acquisition, development, and construction of renewable projects—especially solar farms, solar rooftops, and biomass—in Thailand as well as in other ASEAN countries. IFC will also assist the company with a green finance framework as it expands its footprint in the East Asia and Pacific region.

“We are honored that IFC has supported us in developing projects which reflect our commitment to secure a future energy source for everyone, powering a better tomorrow with renewable energy investments in Asia,” said Mr. Varut Tummavaranukub, CEO of Sermsang Power Corporation Public Company Limited (SSP) group, the parent company of SPN.

SPN currently owns a 52 MW solar photovoltaic power plant in Lopburi province, north of Bangkok, which sells power to the Electricity Generating Authority of Thailand (EGAT) under a non-firm power purchase agreement.

“Renewables offer a viable path forward in meeting growing energy demand, especially for emerging markets,” said Jane Yuan Xu, IFC Country Manager for Thailand and Myanmar. “We are proud to work with companies such as SPN and develop a long-term relationship with a growing renewable energy company and help expand its footprint in the region.”

According to Mercom’s Q4 and Annual Solar Funding and M&A report, In 2023, announced debt financing came to $20 billion, 67% higher compared to $12 billion in 2022 and the highest amount raised since 2010. Securitization activity was a key contributor, with $3.4 billion in 11 deals.

Greenalia, a Spanish developer of renewable power projects, recently secured $200 million of three-year credit facilities to support the development of its 1.9 GW solar and wind ERCOT renewables pipeline in the U.S. Greenalia Power US (the “Borrower”) is a subsidiary of Greenalia that acquires, develops, constructs, and operates utility-scale solar, wind and energy storage projects in the U.S.