By
Lenie Lectura- December 12, 2017
THE second unit
of GNPower Dinginin Ltd. Co.’s (GNPD) two times 668-megawatt (MW)
coal-power project in Bataan has reached financial close.
GNPower Dinginin is
composed of Therma Power Inc. (TPI), a wholly owned subsidiary of Aboitiz
Power Corp.; AC Energy Holdings Inc., the Ayala Group’s business arm in the
energy sector; and Power Partners Ltd. Co., a partner of AC Energy.
“GNPD achieved
financial close for the project financing of the second unit of its two times
668-MW super-critical coal-fired power plant in Dinginin, Bataan,” Ayala Corp.
and AboitizPower said separately.
AC Energy and TPI
each have approximately 50-percent beneficial economic interest in the GNPD
project.
The estimated project
cost of the GNPD project is $1.7 billion, with the debt component to be
provided by Philippine banks. The companies did not identify the banks.
The GNPD project, the
proponents said, will support the increasing electricity demand of Luzon and
the Visayas. Construction of the first unit is underway and is targetted for
commercial operations by 2019. The second unit is scheduled for completion by
2020.
GNPD also signed the
amended engineering, design, procurement and construction contracts with
Shanghai Electric Power Construction Co. Ltd. and Power Construction Corp. of
China on December 5.
The secured financing
for the GNPD Unit 2 brings AC Energy’s attributable capacity to over 1,600 MW,
moving closer to attain its 2020 goal of reaching 2,000-MW attributable
capacity of power plants that are operational or under construction.
“GNPD’s contribution
not only brings us closer to our 2020 target capacity but also addresses supply
requirements in the 2020s, amid medium-term supply uncertainties in the power
sector,” AC Energy President and CEO Eric Francia said. These uncertainties
include the delays faced by other major power plants as well as the future of
Malampaya and LNG.
AC Energy is one of the
fastest-growing energy companies in the Philippines. The company started in
2011, when it invested in 80 MW of attributable capacity. The company’s
capacity has grown 20 times over the last six years.
Last year, AC Energy
began to expand regionally with its first two investments in Indonesia—Sidrap
Wind and Salak-Darajat Geothermal plants.
The company expects to
make investments in Vietnam in 2018 to further expand its geographic footprint
in Southeast Asia.
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