The Project

A.T. Biopower is a special purpose company headquartered in Bangkok, Thailand that will build, own and operate four rice husk fueled electric power plants in central Thailand. The Electric Generating Authority of Thailand will buy 20 MWs of power from each plant under a 25-year contract. The power plants also produce a valuable rice husk ash that can be sold to the steel and cement industries. Each power plant’s design and operation guarantee that all Thai and international environmental standards will be met. The plants provide significant employment and other benefits to the communities near the plants.

The Development Team

A.T. Biopower, under the leadership of Chief Executive officer M.L. Chanaphun, has a management staff of eight professionals and a staff of thirty three well-trained personnel. Chubu Electric Power Company International (Chubu) of Nagoya, Japan, the lead investor, is providing significant utility expertise and experience. Chubu, Al Tayyar Energy, the Finnish Fund for International Development, and the Private Energy Market Fund of Helsinki, Finland are providing financial support. Expansion Exterior, S.A. of Madrid, Spain is the lead financial advisor for debt structuring. The Electric Generating Authority of Thailand’s Engineering Business Unit is the Owner’s Engineer and provides pre-construction engineering services.

Project Status

A.T. Biopower expects to build four rice husk fueled power plants. The first plant, Pichit, is under construction with operation expected in December 2005. The second plant and third plants, Nakhon Sawan and Nakhon Pathom, are ready for finance. Financial negotiations with lenders are underway for the second plant with construction start in late December 2005 or January 2006. Construction on the third plant is programmed for late 2006. Development is still underway for the fourth plant.

The Sponsor

The initial project developer was Flagship Asia Corporation (FAC). FAC was supported by E+Co. In March, 2001, ATE joined the company with a commitment of development funds and services as well as an equity commitment of $2.5 million per plant. By 2003, Chubu Electric Power Company International, Private Energy Marketing Fund and the Finnish Fund for International Development had joined with ATE to provide the necessary equity finance to close financing on the first project and to push forward the development of subsequent projects. Chubu is the lead industrial sponsor; and Chubu and ATE are the lead investors.