Gulf Sriracha power plant, also known as the GSRC power project, is a 2.5GW gas-fired combined-cycle power plant to be developed at Khao Khansong in the Si Racha district, Chonburi province, Thailand, approximately 130km south-east of Bangkok.
Considered to be one of the biggest independent power producer (IPP) projects in Thailand, the Sriracha power plant will be developed and operated by Gulf SRC, a special project company sponsored by Gulf Energy Development (GED, 70%) and Mitsui (30%).
Gulf SRC secured financial closure for the project in November 2018. Ground-breaking on the 51bn baht ($1.55bn) gas-fired power project is expected by the end of 2018.
The first generating unit of the plant is scheduled for commissioning in the first half of 2021, while the fourth and last unit is expected to be brought online by the end of 2022.
Gulf Sriracha power project development details
The Gulf Sriracha natural gas power project is expected to contribute growth and industrial transformation envisioned under the Thai Government’s Eastern Economic Corridor (EEC) program.
It will be one of the first mid-merit plants in the corridor, which will adjust its power output based on the electricity demand on a day, while reducing greenhouse emissions and helping the country switch to renewable and clean energy sources.
Gulf SRC was established in 2012 to develop, own, and operate the 2,500MW power plant.
The other major gas-fired IPP project to be developed by the GED and Mitsui partnership in the eastern region of the country is the 2,500MW GPD power project at Pluak Daeng in the Rayong province of Thailand, which is scheduled for ground-breaking in 2010 and commencing operation in 2023.
Both the projects are underpinned by 25-year power purchase agreements (PPA) with the state-owned Electricity Generating Authority of Thailand (EGAT).
The engineering, procurement, and construction contracts for both the power plants were awarded in February 2018.
Gulf Sriracha power plant make-up
The Sriracha combined-cycle power plant will comprise four natural gas-fired generating units of 625MW capacity each.
Each unit of the plant will be equipped with an M701JAC gas turbine, a steam turbine, and a heat recovery steam generator (HRSG).
Mitsubishi Hitachi Power Systems (MHPS) will provide the gas and steam turbines along with ancillary equipment for the plant, while the generators will be supplied by Mitsubishi Electric Corporation.
The M701JAC air-cooled gas turbine represents a highly-efficient combined-cycle gas turbine technology that provides more than 63% thermal efficiency, while reducing CO2 emissions by approximately 70% compared to conventional coal-fired generating units.
Gas supply for the Sriracha power plant
The Sriracha power plant is estimated to require up to 368 million cubic feet of natural gas a day (Mcf/d), which will be procured through a long-term gas sales agreement with Thailand’s state-owned oil and gas company PTT.
The project involves the construction of a 2.67km-long and 28in-diameter new gas pipeline connecting the power plant with the PTT’s existing No-5 pipeline at Moo 3, Nong Kang Kow village, Ta Sit, Pluak Dang district, Rayong Province.
The electricity generated by the Sriracha power plant will be evacuated by EGAT through a 500kV transmission line connecting its Pluak Daeng substation.
Gulf Sriracha power project financing
Gulf SRC entered financial agreements with a group of 12 banks to secure long-term loan facilities worth 38bn baht ($1.15bn) for the Sriracha power project in November 2018.
Some of the debt financers for the project include Asian Development Bank (ADB), Japan Bank for International Cooperation (JBIC), Export-Import Bank of Thailand, Bangkok Bank, Bank of Ayudhya, CIMB Thai Bank, Sumitomo Mitsui Trust Bank, and the Land and Houses Bank.
Further, the Siam Commercial Bank., TMB Bank, Mizuho Bank, and the Industrial and Commercial Bank of China are also providing debt financing for the project.
ADB has agreed to provide $227.7m, while JBIC has committed to provide $227m of loan facility for the project.
Contractors involved with the Gulf Sriracha natural gas power project
A consortium of Mitsubishi Hitachi Power Systems (MHPS) and Sino-Thai Engineering & Construction (STEC) was awarded the engineering, construction, and procurement contract for the Gulf SRC power project in February 2018. The contract also includes a long-term service agreement for the power plant with MHPS. The owner’s engineer field services agreement for the Gulf Sriracha power plant was signed with EGAT in September 2018.