By Lenie Lectura - May 31, 2018
LUZON is assured of an additional
420 megawatts (MW) with the newly completed Pagbilao Unit 3 power plant of
Pagbilao Energy Corp. (PEC).
“The completion of this project
establishes a partnership with the government in pushing the nation’s progress
through a cost-effective and reliable power plant that complies with environmental
standards,” PEC Chairman Antonio Moraza said.
The PEC is a joint venture of TPEC
Holdings Corp. and Therma Power Inc., which are wholly owned subsidiaries of
TeaM Energy Corp. (TEC) and AboitizPower, respectively.
President Duterte led the inauguration
Thursday afternoon.
John V. Alcordo, president of PEC,
said the power project will help address the country’s development needs moving
forward. The power plant is expected to boost and stabilize energy supply in
the Luzon grid, while generating billions of pesos in various taxes for the
national and local government in the coming years.
“The growth of the Philippine
economy under the administration of President Duterte will certainly translate
to a rising demand for energy in the coming years. We view this project as an
investment in the country’s future. This will light up homes and industries,
give comfort to families, enable productivity and help create employment for
Filipinos,” said Alcordo, who is also chairman and CEO of TEC, the single-largest
Japanese investment in the Philippines.
The newly built power facility was
developed and constructed at a cost of $976 million. Construction began in
December 2014. It is located within the same complex, and is adjacent to the
existing units 1 and 2, of the Pagbilao Power Station operated by TEC. Units 1
and 2 have a total generating capacity of 735 MW.
PEC signed an omnibus agreement to
finance the construction of the Pagbilao Unit 3 project. A total of up to
P33.3-billion debt financing was secured by PEC through the joint lead
arrangers composed of BDO Capital and Investment Corp., BPI Capital Corp. and
First Metro Investment Corp.
SB Capital Investment Corp. serves
as colead arranger for the project, while PNB Capital and Investment Corp. and
China Banking Corp. are co-arrangers. Philippine Savings Bank also
participates as a lender to the project.
The advisers for the Pagbilao Unit 3
project include URS Energy and Construction Inc. for technical; ING Bank NV
Singapore Branch for financing; Latham & Watkins Llp. and Puno & Puno
Law Office for legal; Aon Singapore Pte. Ltd. for insurance; and Sycip Gorres
Velayo & Co. for tax and accounting.
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