Sunday, July 26, 2015

Meralco PowerGen, partner expected to fully pay debt on Quezon coal plant in mid-August

Business Mirror
by Lenie Lectura - July 26, 2015

MERALCO PowerGen Corp. (MGen) and its partner in the 455-megawatt (MW) coal-plant power project in Mauban, Quezon, are expected to achieve financial closing for the project in August.

“The financial closing on the debt is in August. It’s with local banks, with a term payment of 12 years,” Manila Electric Co. (Meralco) Chief Financial Officer Betty Siy-Yap said.

San Buenaventura Power Ltd. Co. (SBPL) is the joint venture of MGen and New Growth BV, a wholly owned subsidiary of Electricity Generating Public Co. Ltd. of Thailand.

It will obtain a P40-billion funding from lenders.

MGen is the power generation arm of Meralco. The utility firm will source part of its requirement from SBPL. A power-supply agreement between SBPL and Meralco was earlier approved by the Energy Regulatory Commission.

Meralco President Oscar S. Reyes has said this puts the project in a position to close the financing and award an EPC (engineering, procurement and construction) contract to meet the timeline of project completion set in the latter part of 2018.

MGen and other partners are also expected to raise “higher than P40 billion” for another power project. RP Energy, a joint venture among MGen, Aboitiz Power Corp. and Taiwan Cogeneration Corp., are putting up a 600-MW coal plant in Subic, Zambales. source

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