By Danessa Rivera (The
Philippine Star) | Updated October 26, 2016 - 12:00am
MANILA, Philippines – Redondo
Peninsula Energy Inc. (RP Energy) is looking to close a P30-billion loan from
three local banks by December to put the construction of its 2x300 megawatt
(MW) Subic coal-fired power plant in full swing, a company official said.
“We’re in the thick of due diligence
and loan agreement discussions with the lenders and our advisers,” said Meralco
senior vice president and Meralco PowerGen Corp. (MGen) general manager
Angelito Lantin.
Lantin said the loan amount is
equivalent to 70 percent of the total project cost of its 2x300-MW coal-fired
power plant in Subic, Zambales.
“We can sign loan agreements by
December, I think. But for the drawdown, we’ll have to wait for ERC (Energy
Regulatory Commission) [to approve power supply agreements (PSAs)],” he said.
RP Energy signed a PSA with
distribution giant Manila Electric Co. (Meralco) for a supply of 225 MW, among
others.
MGen, the power generating unit of
Meralco, owns 47 percent of RP Energy. Other partners in the consortium are
Aboitiz Power Corp. unit Therma Power Inc. with 25 percent and Taiwan
Cogeneration International Corp. with another 25 percent.
RP Energy will soon proceed construction
of the first 300-MW unit of the coal project as soon as it seals the financing
deals, Lantin said.
“We’re ready to start construction
after we sign those agreements,” he said.
Last week, RP Energy announced it
signed a construction contract with Azul Torre Construction Inc. and a supply
contract with Korean firm Doosan Heavy Industries & Construction Co. Ltd.
for the coal plant.
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