The AC Energy Holdings has secured the project financing of its Dinginin coal-fired power plant, making their attributable capacity to 1,600 megawatts (MW).
The company said that the GNPower Dinginin Ltd. Co. (GNPD) got its financial close for the financing of the second unit of its 2×668 MW coal-fired power plant in Dinginin, Bataan.
AC Energy said that the power plant can support the increasing power demand in Luzon and Visayas.
The power plant also helped AC Energy closer to its 2,000 MW attributable capacity target by 2020.
“GNPD’s contribution not only brings us closer to our 2020 target capacity but also addresses supply requirements in the 2020s, amidst medium-term supply uncertainties in the power sector,” AC Energy president and CEO John Eric Francia said.
The first unit of the GNPD targets its commercial operations by 2019, the second unit is set for completion in 2020.
The estimated project cost is $1.7 billion. However, the company did not disclose the amount of funding and the names of the local banks GNDP signed a deal with.