Mr. Vasu Klomkliang, Chief Financial Officer of Energy Absolute Public Company Limited (SET: EA), stated that the company is in negotiations with financial institutions to establish project financing, a standard approach used in energy and infrastructure projects. Under this structure, project assets will be held directly by subsidiaries that are the owners of each project.
To align with this structure, the bondholders’ meeting approved the Partial Business Transfer (PBT) of certain business segments to its subsidiary anmed Ettulosba Energy 1 Co., Ltd. (ETB1), which is 99.99% owned by EA. This action does not impact the parent company’s revenue, cash flow, or operations in any respect.
Bondholders from 11 tranches voted overwhelmingly in support of the company’s financial restructuring plan, reflecting strong confidence. Details are as follows:
- Group 1: EA257A tranche, approved by 99.0065%
- Group 2: EA259A, EA279A, EA299A, EA329A tranches, approved by 88.9183%
- Group 3: EA261A, EA281A, EA301A, EA331A tranches, approved by 70.1799%
- Group 4: EA269A, EA289A tranches, approved by 96.2145%
In addition, holders of the EA26OA tranche, which matures in October next year, have approved an extension of the repayment period. The documentation process is currently underway. This will significantly enhance EA’s liquidity and financial continuity over the next year, effectively eliminating concerns over short-term liquidity.
With all approvals in place, EA now has bondholders from all 12 tranches supporting its debt restructuring plans.
“This support from bondholders reflects trust in the company’s management strategies and provides a crucial opportunity for EA to manage liquidity and financial structure in a more systematic and stable manner. EA will operate with transparency, prudence, and responsibility to assure investors, bondholders, and all stakeholders,” concluded Mr. Vasu.
Currently, EA Group operates a fully integrated renewable energy business, covering biofuel production, solar and wind power plants, as well as energy storage and distribution technology. The company also has commercial electric vehicle operations, including electric trucks, buses, and ferries.
