Business Mirror
Business Mirror
16 Oct 2013
Written by Lenie Lectura
16 Oct 2013
THERMA South Inc., a wholly owned subsidiary of Aboitiz Power Corp. through Therma Power Inc., will borrow up to P24 billion from banks to finance the construction of a coal-fired power plant in Davao.
“Therma South signed an omnibus agreement with a consortium of lender-banks to obtain loans and credit accommodations in the amount of up to P24 billon,” Aboitz Power said in a disclosure on Wednesday.
Therma South is constructing a 2x150-megawatt coal-fired power generation facility at Davao City and Davao del Sur.
BDO Capital & Investment Corp. acted as issue manager and lead arranger, while BDO Unibank Inc. Trust and Investments Group was appointed as trustee and facility agent.
The power facility, which is scheduled for commercial operation in 2015, will provide electricity to distribution utilities, including the Davao Light and Power Corp., Cotabato Light and Power Corp., Davao del Sur Electric Cooperative Inc. and Davao Oriental Electric Cooperative Inc.
The power plant will be built on 46 hectares of land and 6.5 hectares of foreshore area. Approximately two-thirds of the land is located in Davao City while the remaining one-third in Davao del Sur. source
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