Aboitiz Power closes financing for 300-MW Cebu plant

Aboitiz Power and Vivant have closed financing to develop its 300 MW coal-fired power plant in Cebu, an island province in the Philippines.

The companies have achieved an agreement with a consortium of lender-banks to extend a PhP32 billion (US$698.6 million) project finance loan to Therma Visayas, whic is owned by Therma Power, Inc. (80%), a wholly-owned subsidiary of Aboitiz Power Corporation, and Vivant Integrated Generation Corporation(20%).

PSBank has recently announced that it has joined a syndicate of lenders, as the only thrift bank, that extended the project finance loan for the project.

The project is located at Barangay Bato, Toledo City. Construction works started in April this year and it is expected that the new facilities will be commercially operational by early 2018.

Hyundai Engineering Co., Ltd and Galing Power Energy Co, Inc. was appinted last year as the engineering, procurement and construction (EPC) contractor for the project.