Ayala-Aboitiz group secures funding for Bataan coal project
GNPower Dinginin Ltd. Co.,a joint venture between AC Energy Holdings and Therma Power Inc. and Power Partners Ltd. secured a long-term debt financing package for the second unit of its 668 megawatt super-critical coal fired power facility in Dinginin, Bataan.
A wholly-owned unit of Ayala Corp., AC Energy holds a 50 percent economic stake in GNPD project, which is estimated to cost about $1.7 billion.
Construction of the first unit is well underway, and is targeted for commercial operations by 2019, with the second unit scheduled for completion by 2020.
The project is expected to support the increasing electricity demand of Luzon and Visayas.
It will bring AC Energy?s attributable capacity to over 1,600 MW, moving closer to hit its goal of reaching 2,000 MW by 2020.
GNPD also signed the amended engineering, design, procurement, and construction contracts with Shanghai Electric Power Construction Co., Ltd. and Power Construction Corporation of China last Dec. 5.