GNPower Mariveles signs funding deal

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ABOITIZ Power Corp. (AboitizPower) said on Wednesday that a coal facility it jointly owns with Ayala Corp. has signed a notes facility agreement with a consortium of five lenders worth up to $800 million (P40.92 billion).

AboitizPower informed the Philippine Stock Exchange that GNPower Mariveles Coal Plant Ltd. Co. signed the agreement with BDO Unibank, Inc., China Banking Corp., Land Bank of the Philippines, Philippine Bank of Communications, and Security Bank Corp.

BDO Capital and Investment Corp. was the sole mandated lead arranger in the deal signed last Tuesday.
GMCP will use the proceeds of the notes to refinance its current loans and for other general corporate purposes.

Built in 2007, GMCP is a partnership among AboitizPower units Therma Mariveles Holdings, Inc. and Therma Mariveles Camaya B.V. with Mariveles Coal Project GP Corp., Power Partners Ltd. Co., and AC Energy Holdings Inc.’s affiliates Arlington Mariveles Philippines GP. Corp., and Arlington Mariveles Netherlands Holdings B.V.
GMCP was organized as a private limited partnership for the purpose of developing, funding, building,
operating, and owning an approximately 2×345-megawatt (gross) clean pulverized coal-fired power plant situated in the municipality of Mariveles in Bataan.


The Mariveles coal plant is comprised of two identical 316MW power blocks using proven pulverized coal combustion technology using Harbin boilers and Harbin turbines and generators.

Since it commenced commercial operations in 2014, the plant has been providing baseload electricity to many distribution utilities (DUs).

AboitizPower, incorporated in 1998, is in the business of power generation and distribution as well as retail electricity and other related services.

AC Energy Holdings Inc. is the Ayala group’s development arm which holds a portfolio of power generation assets using renewable and conventional technologies. Formerly called Michigan Power Inc., it has a regional energy platform with development, operations and retail supply capabilities.

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