Therma Visayas Inc. (TVI), a subsidiary of Aboitiz Power Corp., has secured loans and credit accommodations amounting to P31.97 billion for its coal power plant project in Toledo City, Cebu.
In a disclosure to the Philippine Stock Exchange (PSE) on Friday, Aboitiz Power said TVI has signed an omnibus agreement with a consortium of banks to obtain the loan and credit accommodation.
Proceeds of the loan will be used by TVI to finance the construction of its 300-megawatt (MW) coal-fired power plant project in Barangay Bato, Toledo City, Cebu.
First Metro Investment Corp. acted as lead arranger and sole bookrunner for the deal while BDO Unibank Inc.–Trust and Investments Group will serve as trustee and project loan facility agent.
Therma Visayas is also constructing a 340-MW thermal power plant in Toledo City which is scheduled to be completed in early 2018.
Meanwhile, the 14-MW Sabangan hydroelectric power plant of Hedcor, a wholly owned subsidiary of AboitizPower, has already started commercial operations.
The plant is now set to deliver 55 gigawatt-hours of “cleanergy,” AboitizPower’s brand for clean and renewable energy, annually to the Luzon Grid.
AboitizPower president and chief operating officer of Antonio R. Moraza said, “Hedcor’s Sabangan hydro plant is a fulfillment of AboitizPower’s continual promise to bring a better future to the country and to our host communities.”
“Sabangan hydro is hoped to energize communities connected to the Luzon grid,” he added.
Using a modern run-of-river system, the Sabangan hydro harnesses the natural force of the Chico River by diverting part of the water into the system. The water then exits the powerhouse and goes back to the river.
Construction of the Sabangan hydro, which is Hedcor’s 22nd run-of-river hydro plant, started in 2013 and was finished on time this year. It was inaugurated last May 6, 2015. It increases the total capacity of its entire portfolio to 185 MW of cleanergy.
Hedcor also owns and operates hydro plants in Benguet, Davao City, Davao del Sur and Ilocos Sur.
AboitizPower continues to expand its cleanergy portfolio as its looks for more potential areas across the country, mainly through geothermal, hydro and solar power sources.
AboitizPower currently has 915 MW of renewable energy, representing 40 percent of its total attributable net sellable capacity, in its right-mix portfolio through its various units.
It also operates baseload and peaking plants across the country through its coal and oil-fired power plants.