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BIP2 earns ‘A-’ rating with ‘stable’ outlook from TRIS

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TRIS Rating has assigned B Grimm BIP Power 2 Ltd an “A-” rating with “stable” outlook.

The firm’s proposed issues of up to Bt3.35 million in senior unsecured debentures earned the same rating. 
Proceeds from the proposed debentures will be used to refinance BIP2’s outstanding project loans.
The ratings reflect the company’s reliable cash flow from a long-term power-purchase agreement with the Electricity Generating Authority of Thailand (Egat) under the Small Power Producer scheme, and a proven record of operating gas-fired combined cycle cogeneration units by its largest shareholder, B Grimm Power PLC. 
However, the ratings are partially offset by the company’s single-asset risk.
BIP2 sells around 750 gigawatt-hours of electricity per year. The electricity sold to Egat accounted for 88 per cent of total, while the electricity sold to industrial customers accounted for 9-12 per cent.
The rest was sold to B Grimm BIP Power 1 Ltd for load-management purposes.

Published : April 25, 2018

By : The Nation