Conal Holdings Inc., owned by the Alcantara Group, is looking at a loan package from local banks led by Banco de Oro to finance its $450-million, 200-megawatt coal power plant in Maasim, Sarangani province in Mindanao, a company official said Thursday.
“We’re still trying to put up a consortium among local banks but I believe the lead will be done via BDO. It’s all local and peso-financed,” Conal Holdings financial analyst Antonio Miguel Alcantara said.
Alcantara said the company planned to start construction of the coal plant within the year with commissioning targeted by 2014.
“We have finished our discussions with Daelim [of Korea]. Construction is targeted to start around August or September, as we plan to achieve financial closure by June or July,” he said.
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