MANILA – Therma Visayas Inc. has secured loans amounting to Php 31.9 billion granted by banks for the construction of the 300 Megawatt (MW) coal-fired power plant in Toledo City, Cebu.
”Therma Visayas Inc. signed an Omnibus Agreement with a consortium of lender-banks to obtain loans and credit accommodations in the amount of up to Thirty One Billion Nine Hundred Seventy One Million Pesos (Php31,971,000,000.00). The proceeds of the loan will be used to finance the construction of the 300 MW (Net) coal-fired power plant to be built in Barangay Bato, Toledo City, Cebu,” Vivant Corporation said in a disclosure with the Philippine Stock Exchange (PSE) Friday.
Aboitiz Power Corporation has an 80 percent stake in the project, while Vivant Corporation owns 20 percent of TVI through Vivant Integrated Generation Co. and Vivant Energy Corp.
Aboitiz Power also disclosed at the PSE that First Metro Investment Corporation was the lead arranger for the loans.
BDO Unibank Inc – Trust and Investments Group., on the other hand, was appointed by TVI as Trustee and Project Loan Facility Agent.
Hyundai Engineering Co., Ltd and Galing Power Energy Co., Inc, which are the contractors for the project, has started building the Php 41 billion power plant on April 10. It is targeted to start commercial operations by early 2018.
Both Aboitiz Power Corp. and Vivant Corp. are engaged in power generation, distribution and retail electricity supply.