Ayala unit gets funding for Bataan power plant
By Alena Mae S. Flores – December 12, 2017 at 09:55 pm
from manilastandard.net
GNPower Dinginin Ltd. Co., the joint venture of of AC Energy Holdings Inc., Therma Power Inc. and Power Partner, has secured financing for the second unit of its 1,336-megawatt coal fired power plant, in Dinginin, Bataan province.
AC Energy, a wholly-owned subsidiary of Ayala Corp. with approximately 50 percent economic stake in GNPower Diningin’s project, said in a statement the plant would support the increasing electricity demand in Luzon and Visayas.
The cost of the GNPower Diningin project is estimated at $1.7 billion, with the debt component to be provided by Philippine banks which it did not disclose. The company also did not provide a breakdown of the financing for the each unit of the power project.
“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,” said AC Energy president John Eric Francia.
The uncertainties include the delays faced by other major power plants as well as the future of the Malampaya gas field and liquefied natural gas.
Construction of the first unit is under way for commercial operations by 2019. The second unit scheduled for completion by 2020.
The secured financing of the second unit of the GNPower Diningin project brings AC Energy’s attributable capacity to over 1,600 MW, moving it closer to attain its 2020 goal of 2,000 MW of attributable capacity.
GNPower also owns the 600-MW, coal-fired power plant in Mariveles, Bataan. GNPower Mariveles is both owned by Sithe Global Power and AC Energy.
AC Energy also owns a stake in GNPower Kauswagan Ltd. Co. that is building a 540-MW coal-fired power plant in Kauswagan, Lanao del Norte that is seen to help ease the shortage in supply in Mindanao by next year.
“AC Energy believes in the strong economic potential of Mindanao. GNPK offers low cost and dependable power to the region, which will help unlock its potential,” Francia said earlier.
GNPower Kauswagan is a unit of AC Energy in partnership with Power Partners and the Philippine Investment Alliance for Infrastructure Fund.
