SET listing a first for biomass power
The Stock Exchange of Thailand (SET) will today officially list the Buriram Sugar Group Power Plant Infrastructure Fund, the first biomass power plant fund to be listed on SET, under the ticker symbol “BRRGIF”, with a market capitalisation at its initial public offering (IPO) of Bt3.61 billion.
BRRGIF offered 350 million units at a price of Bt10.30 per unit for a total of Bt3.61 billion to Buriram Sugar PCL’s (BRR) eligible existing shareholders, the general public and institutional investors from July 7-27.
The fund manager is BBL Asset Management Co., Ltd. and Maybank Kim Eng Securities (Thailand) PCL is the financial advisor, sales manager and underwriter.
BRRGIF has rights to the net income of BRR’s subsidiaries, which are Buriram Energy Co., Ltd. (BEC) for a period of 11 years ending August 10, 2028; and Buriram Power Co., Ltd. (BPC) for a period of 18 years ending April 6, 2035.
These are the so-called “very small power producers” or VSPP which use bagasse (sugarcane residue) as their main fuel. Each of these two biomass power plants has a capacity of 9.9 megawatts, making a total capacity of 19.8 megawatts.
Power purchase agreements have been made with the Provincial Electricity Authority using the Feed in Tariff (FiT) rate. These give a maximum capacity of 8 megawatts per power plant for a total of 16 megawatts, including steam power for a capacity of 85 tonnes per hour from BEC and 100 tonnes per hour from BPC.
