Ayala starts drawdown on Dinginin plant financing

AC Energy Holdings of the Ayala Group, together with its partners in GNPower, had started drawing down on the US$1.0 billion loan component of its financing on the 600-megawatt Dinginin coal-fired power project in Bataan.

“GNPower Dinginin Ltd. Co. has made an initial drawdown under its financing documents for the construction of the first 2 x 668MW supercritical coalfired power plant in Mariveles, Bataan,” the Ayala firm has noted in its disclosure to the Philippine Stock Exchange.

The initial drawdown was for R4.0 billion plus US$2.0 million of the loan’s dollar component, according to the company.

This year’s advancement of the plant’s construction will ensure its completion as targeted in the next three years.

“The GNPD plant will support the growing energy needs of Luzon and Visayas,” Ayala Corporation said, adding that the construction of the plant “which commenced in January of this year is in full swing.”

The plant will have two units for a total capacity of 1,336MW – the first block will consist of 668MW in installed capacity.

The project sponsor firm said completion is by 2019, aligned with the timeframe when capacity additions are direly needed again for both Luzon and Visayas grids.

The corporate vehicle for the GNPower Dinginin power project include AC Energy Holdings, Sithe Global GNPD B.V. and Power Partners Ltd. Co. as equity holders.

This will effectively expand the power generation portfolio of the same set of GNPower project developers specifically in their Bataan site; and generally in Luzon grid.