Sermsang Solar (IFC-46536)

Regions
  • East Asia and Pacific
Geographic location where the impacts of the investment may be experienced.
Countries
  • Thailand
Geographic location where the impacts of the investment may be experienced.
Specific Location
Lopburi
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Oct 31, 2022
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Sermsang Palang Ngan Co., Ltd
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 31.52 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 1200
Converted using 2022-10-31 exchange rate.
Loan Amount (USD)
$ 31.52 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 1200
Converted using 2022-10-31 exchange rate.
Project Cost (USD)
$ 63.04 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 2400
Converted using 2022-10-31 exchange rate.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Dec 31, 2023

Disclosed by Bank Dec 14, 2023

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the IFC, the investment involves providing a long-term senior secured green debt package of up to THB2.4 billion (US$67 million) to Sermsang Palang Ngan Company Limited (SPN), a wholly owned subsidiary of Sermsang Power Corporation Public Company Limited (SSP) for financing the Company’s 52 MWp operational solar power plant in Thailand. The proposed investment consists of an (i) A Loan of up to THB1.2 billion (US$33.5 million) and a (ii) parallel loan for an equivalent amount. Proceeds of IFC A and parallel loan shall be utilized to refinance existing project debt of SPN (for an existing solar project located in Lopburi, Thailand) and the corporate debt of SSP in total around THB1,566 million (c.US$44 million) while the balance amount from the parallel lender would be utilized by the Sponsor to finance the acquisition, development and construction of renewable energy projects (solar farms, solar rooftops, wind and biomass) across Asia. No IFC funds will be used to acquire or develop other projects identified by the Sponsor.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the IFC, Sermsang Power Corporate Public Company Limited; the Sponsor, founded in 2015, is a growing mid-sized RE player based out of Thailand with a portfolio of around 375 MW RE projects across Japan, Thailand, Vietnam, Mongolia and Indonesia. One of the pioneers in distributed generation in Indonesia, SSP is listed on the Stock Exchange of Thailand (SET) with a market cap of US$360 million (as of September 6, 2022).

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Sermsang Power Corporation PLC Parent Company Energy

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

General IFC Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384

Client - Sermsang Palang Ngan Company Limited:

Mr. Chayut Leehacharoenkul - Chief Financial Officer
Phone: +66 2 628 0991
Email: info@sermsang.co.th
Address: 325/14 Lanluang Rd, Mahanak Square, Dusit, Bangkok 10300 Thailand
Website: www.sermsang.com

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works