By James Loyola
October 16, 2013
Therma South, Inc., a wholly-owned unit of Aboitiz Power Corporation through Therma Power Inc., has signed an Omnibus Agreement with a consortium of lender-banks to obtain loans and credit accommodations of up to P24 billion.
In a disclosure to the Philippine Stock Exchange, Aboitiz said the loan will be used to finance the construction and operation of Therma South’s 2×150- MW circulating fluidized-bed coal-fired electric power generation facility located in Davao City and Davao del Sur.
BDO Capital & Investment Corporation acted as issue manager and lead arranger, while BDO Unibank, Inc. – Trust and Investments Group was appointed as trustee and facility agent.
The construction of the P25 billion power plant started in 2011 and is now half complete and on track to go onstream by 2015. Once operational, it will be the largest baseload coal-fed power plant in Mindanao.
Therma South has already signed sales contracts with various power distribution utilities in Mindanao for the plant’s output although sister company Davao Light & Power Company will get the biggest share of 100 megawatts.
AboitizPower the plant is intended to help solve the rising energy demand in the region. It said the proposed 300-MW circulating fluidized-bed coal-fired power plant in southern Davao is safe, and will not harm the environment or the communities surrounding it. source
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