Meralco and EGCO reach financial close for San Buenaventura coal-fired power project

Subscribe to our newsletter and get the latest news and business opportunities in your inbox
Meralco and EGCO reach financial close for San Buenaventura coal-fired power project

Electricity Generating Public Company Limited or EGCO Group has announced the start of construction of its San Buenaventura coal-fired power project in the Philippines following the completion of the financial closing for P$42.15 billion (US$881.5 million) credit facility for the project.

The groundbreaking ceremony was held at Mauban, Quezon province in the Philippines, on December 10, 2015. The project will be one of the first power plants in the country to utilize efficient supercritical technology.

The project will have a gross output capacity of 500 MW of which 455 MW will be contracted for sale to the Manila Electric Company (Meralco) on a long term basis. 

San Buenaventura power project is held by San Buenaventura Power Ltd. Co. (SBPL); the joint venture holding company in which EGCO Group is an investor together with Meralco PowerGen Corporation, in the proportion of 49% and 51%, respectively.

SBPL has entered into a power supply agreement with MERALCO for term of 20 years from commercial operation date which is scheduled in the first half of 2019.

List of country news

Country news

  • December 17, 2015

    AboitizPower and Sunedison sign financing for 59 MW solar farm in Negros Occidental

    The joint venture of AboitizPower and SunEdison Philippines Helios BV, a subisidary of SunEdison, has secured a P3.7-billion loan (US$78.5 million) from BDO Unibank Inc. for the construction of its 59 MW solar project in Negros Occidental, Philippines. Read more
  • December 04, 2015

    Sun Life’s Philippine unit to invest in Mindanao power plant

    Canadian insurance firm Sun Life Financial Inc. has given its Philippine unit the go-ahead to invest in a power project in Mindanao, in what would be its first local investment in infrastructure. Read more
  • October 29, 2015

    Philippines approves 50 MW solar project

    The Philippine Department of Energy (DOE) has given the green light to Roxas & Company (RCI) to develop a 50-MW solar project in the province of Batangas. Read more
  • October 09, 2015

    MMA Energy Capital adds key staff to support business expansion

    MMA Capital Management, LLC, a Delaware limited liability company, recently announced that its subsidiary, MMA Energy Capital, LLC, has added two key industry employees to support its renewable energy financing activities including the debt financing platform offered by MMA Energy Capital. Read more
  • October 09, 2015

    Conergy to build 18 MW Solar Plant for Monte Solar Energy Inc.

    Conergy has announced it has been recently awarded a new contract by Monte Solar Energy Inc. a joint venture between Ayala Corporation’s AC Energy Holdings Inc. and Bronzeoak Philippines Inc. to build an 18-megawatt (MWp) solar power plant in Bais, Negros Oriental. Read more

Share this news

Join us

In order to get full access to News section, you must have a full subscription. You can check all the benefits of becoming a member and purchase a subscription on our membership page.