Thailand-based Prime Road Alternative will be completing construction on a 60MW solar PV worth $41.2 million in central Cambodia and IJGlobal can reveal more details about the debt package. 

The Chhnang solar PV is the first phase of the 100MW Cambodia National Solar Park in Kampong Chhnang Province, about 70km from capital Phnom Penh. 

Prime Road Alternative, a subsidiary of Prime Road Group, expects the project to complete construction and commence operations by November (2022).

The deal in August 2021 achieved financial close, where 4 development finance institutions and a French commercial bank punched the ticket, IJGlobal has learned. 

The $28.9 million debt package comprised:

• A loan/co-financing 
  • ADB – $4.8 million
  • Norfund – $4.5 million 
  • Canadian Climate Fund (CCF) for the Private Sector in Asia II – $4.2 million 
  • JICA – $4.1 million 
  • IFC – $4 million
  • Canada Blended Climate Finance Programme (CBCFP) – $4 million

• B loan
  • BRED Bank – $3.3 million

ADB was the administrator of the CCF loan, while IFC acted as the implementing entity for the CBCFP loan. The total project cost was $41.2 million, with a debt/equity ratio of 70/30.

Prime Road has not responded to IJGlobal's request of comment at the time of publication. 

Prime Road in September 2019 emerged as the winning bidder with the lowest bid tariff price at $0.03877 per kWh, following a tender launched by state-owned utility Electricite du Cambodge (EDC) in February 2019. The tender has seen 19 prequalified bidders. 

EDC is the offtaker with a 20-year PPA. The utility was also the land lessor, which prepared a 100ha land for a nominal amount of $1. Jinko Solar was the solar panels supplier. 

ADB acted as the government's transaction adviser, where the multilateral assisted EDC in preparing and procuring the project, including solar roadmap, technical assistance advisory, and financing.

ADB’s advisers include:

• Freshfields Bruckhaus Deringer – international legal counsel
• DFDL – local legal counsel
• Suntrace-Juru Energy consortium – technical adviser
• Synergy Consulting – PPP and financial adviser
• Newjec and Cheang Engineering Consultants – project implementation consultant

Meanwhile, Trina Solar in March (2022) emerged as the preferred bidder for the 40MW Chhnang solar PV phase 2, shortlisted in February 2021.