• GNPower taps financing for power plant

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    GNPOWER Dinginin Ltd. Co. (GNPD) announced on Monday that it has made an initial drawdown under its financing documents for the construction of the first unit of its 2 x 668 megawatts (MW) supercritical coal-fired power plant in Mariveles, Bataan.

    GNPD is the joint venture company of AC Energy Holdings, Inc. (AC Energy), the development arm of Ayala Corporation (AC) in the energy sector, Sithe Global GNPD BV, and Power Partners Ltd. Co.

    “The initial drawdown is around P4 billion and P2 million-plus for the dollar value component,” AC Energy senior manager for corporate communications Irene S. Maranan said in a text message.

    The Dinginin Station is a 1,336-MW power station under development in the Bataan Peninsula which seeks to support the growing energy needs of Luzon and the Visayas. Construction of the plant, which commenced in January of this year, is in full swing, with Unit 1 scheduled for completion by 2019.

    “When it comes online in 2019, Dinginin Station is projected to set a new standard as the lowest marginal operating cost of all coal projects on the grid. It will also provide significant benefits to the local community by reducing electricity costs, as well as providing jobs and substantial economic stimulus,” according to the company.

    Dinginin Station is using supercritical pulverized coal combustion technology. It is being designed to meet the more restrictive of Philippine and World Bank emissions standards while selling power to offtakers under long-term power purchase agreements, as well as into the Philippine Wholesale Electricity Spot Market (WESM).

    Coal is to be sourced under long-term offtake agreements with several Indonesian suppliers.

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