Ayala, partners close financing for 2nd unit of Dinginin project

By Myrna M. Velasco – December 13, 2017, 10:00 PM
from Manila Bulletin

AC Energy Holdings Corporation and partners in the 1,336 megawatts GNPower Dinginin Ltd. Co. in Bataan has already closed the financing for the second unit of the project, according to the company’s press statement.

That will be for another 668MW capacity of super critical clean coal technology-equipped development. For the two units, that will command total investment of $1.7 billion.

The project company previously indicated that it will be securing loans of roughly US$1.0 billion for the two-unit coal fired power project.

The Ayala group is in partnership with Therma Power of the Aboitiz Group and Power Partners, the original developer of the GNPower plants, for this particular venture.

It has not divulged the actual loan amount for the second unit, and has not also specified the lenders, aside from indicating that “the debt component will be provided by Philippine banks.”

The Ayala firm added that the expansion capacity for Dinginin “will support the increasing electricity demand of Luzon and Visayas.”

It further noted that “the construction of the first unit is well underway, and is targeted for commercial operations by 2019, while the second unit scheduled for completion by 2020.”

With this project reaching completion, the energy arm of the Ayala group conveyed that its attributable capacity will be ramped up to 1,600 megawatts – enabling it to inch closer to its target of 2,000MW by year 2020.

AC Energy President Eric T. Francia noted that the Dinginin project’s contribution “not only bring us closer to our 2020 target capacity but also addresses supply requirements in the 2020s, amidst medium term supply uncertainties in the power sector.”

He qualified that these uncertainties “include the delays faced by other major power plants as well as the future of Malampaya and LNG (liquefied natural gas).”

The Ayala firm is touted to be among the fastest growing player in the restructured electricity sector – anchoring it both on its greenfield projects as well as organic growth through acquisitions.