GN Power Dinginin Ltd. Co. (GNPD) recorded almost a P5 billion drawdown from its credit line in financing its 2 x 668-megawatt (MW) coal-fired plant construction in Bataan.
The disclosure was reported by the Ayala Corporation under its financing documents to construct the first unit of its Mariveles, Bataan supercritical power plant.
The initial drawdown was at P4.93 billion, with P4 billion and $2 million coming from the company’s denominated and dollar denominated credit facility, AC Energy Holdings said.
The total credit line for the project reached P 7 billion and $670 million.
“The GNPD Plant will support the growing energy needs of Luzon and Visayas,” Ayala Corp. said in a statement.
Construction of the power plant began in January and the first unit is set for a 2019 completion.
In October last year, GNPD borrowed about $1 billion for the construction of the first 668 – MW unit of the power plant, an expansion of the existing 600 MW coal-fired power plant in Mariveles, AC Energy president and CEO John Eric Francia said.
GNDP also signed 20-year power supply deals with electric cooperatives of Region 8. Namely: Don Orestes Romualdez Electric Cooperative Inc. Leyte II Electric Cooperative Inc. Leyte III Electric Cooperative Inc. Leyte IV Electric Cooperative Inc. Leyte V Electric Cooperative Inc. Southern Leyte Electric Cooperative Inc. Biliran Electric Cooperative Inc. Northern Samar Electric Cooperative Inc. Samar I Electric Cooperative Inc. Samar II Electric Cooperative Inc. and Eastern Samar Electric Cooperative Inc.
The off-taker contracts are to cover the aggregated baseload requirement of 150 MW beginning December 26, 2018.
The GNDP is a joint venture project with the AC Energy Holdings Inc., Sithe Global GNPD BV and Power Partners Ltd Co.