AC Energy makes 1st drawdown for coal-power project in Bataan

by Lenie LecturaSeptember 5, 2016

from Business Mirror

AC Energy Holdings Inc., the power arm of Ayala Corp., on Monday said GNPower Dinginin Ltd. Co. (GNPD) recently made its first drawdown for a power project in Bataan.

GNPD is the joint-venture company of AC Energy, Sithe Global GNPD BV and Power Partners Ltd. Co.

In a disclosure to the stock exchange, AC Energy said GNPD has made an initial drawdown under its financing documents for the construction of the first unit of its 2x 668-megawatt (MW) supercritical coal-fired power plant in Mariveles, Bataan.

When sought for further details, the company said the loan amount is made up of P7 billion and $640 million, of which P4 billion and $2 million were already taken from the loan facility inked with five banks.

The power plant will be located in Diningin, Mariveles town. Construction commenced in January this year. The first unit is expected to be completed in 2019.

GNPD has tapped Shanghai Electric Power Corp. as the engineering, procurement and construction (EPC) contractor for the power project.

“The GNPD Plant will support the growing energy needs of Luzon and the Visayas,” AC Energy said.

Earlier, AC Energy President John Eric Francia said the power firm is eyeing to double its generating capacity by 2020 to 2,000 MW.

At the moment, AC Energy has assembled 700 MW of attributable capacity and is close to achieving its 1,000-MW power-capacity target for the year.

These include the 2×135-MW coal-fired power plant in Calaca, Batangas, under South Luzon Thermal Energy Corp. (SLTEC), a joint venture with Trans-Asia Oil and Development Corp.; the 4×135- MW coal-fired power plant in Kauswagan, Lanao del Norte in Mindanao through GN Power Kauswagan Ltd. Co., a limited partnership among AC Energy, the Philippine Investment Alliance for Infrastructure and Power Partners Ltd. Co.; the 2×660-MW coal-fired Mariveles power project under GN Power Mariveles,  a partnership with US-based GN Power.

GN Power is owned by Nauruan-American firm Power Partners Ltd. Co. Aside from AC Energy, Sithe Global Power Llc., a company owned by investors of the Blackstone Group, is also part of GN Power.

Other projects that make up AC Energy’s power portfolio are the 52-MW Northwind Power Development Corp. in Bangui, Ilocos Norte; the 81-MW wind farm in Pagudpud, Ilocos Norte through its affiliate North Luzon Renewable Energy Corp. and the 18-MW solar plant in Negros Oriental, which is a joint undertaking with Bronzeoak.