Aboitiz Power unit gets $213.5m loan for PH hydro project

Visual from the company website

A unit of Aboitiz Power Corp has closed loan deals of up to $213.5 million (P10 billion) and now aims to boost its latest hydro power project in the Philippines.

Aboitiz Power disclosed on Wednesday that its wholly-owned subsidiary Hedcor Bukidnon Inc obtained the funds through loans and credit accommodations from a consortium of lender-banks to finance the development, construction, operation and maintenance of its 68.8 megawatts (MW) hydroelectric power generation facility located in Manolo Fortich, Bukidnon province.

BPI Capital Corporation acted as mandated lead arranger and bookrunner, while Bank of the Philippine Islands – Asset Management and Trust Group is acting as trustee and facility agent.

Also read: Aboitiz unit, PT Medco ink pact to set up power plants in Indonesia

Hedcor is a unit of Aboitiz Power through one if its subsidiaries the Aboitiz Renewables Inc.

Dubbed as the Manolo Fortich Hydroelectric Power Plant (HEPP), Hedcor’s 68.8 MW facility in Bukidnon is one of Aboitiz Power’s eight power projects in the Philippines.

HEPP went on full swing last April as a P12.5 billion project designed to have two cascading plants — the 43.4 MW Manolo Fortich Hydro 1 and the 25.4 MW Manolo Fortich Hydro 2 — the first venture of Hedcor in Bukidnon Province.

Also read: Aboitiz Power boosts borrowings to $436.23m

Only last Monday, Aboitiz Power’s Singapore unit the Aboitiz Power International Pte Ltd signed a power venture agreement with PT Medco Power Indonesia to develop two 55 MW of greenfield geothermal plants in Indonesia’s East Java Province.

Barely a month before the Indonesia deal, the listed Philippine power company together with its its US partner SunEdison awarded an Egineering Pocurement and Construction (EPC) contract for a $75.6 million (P3.5 billion) power project which is their first of a series of utility-scale solar power projects in the Philippines.

Aboitiz Power also refinanced last week an old debt of its other unit the SN Aboitiz Power-Benguet Inc or SNAP Benguet. The original credit of $375 million was raised to $436.23 million. The funds shall be used to boost two hydroelectric power plants in Benguet province.

Aboitiz Power’s last trading price increased 1.28 per cent or P0.35 to close at P43.50.

Also read:

Aboitiz Power, SunEdison ink contract for $75.6m solar power project in PH

Aboitiz Power unit raises $709.1m debt to fund 300 MW power plant construction

PH partners Aboitiz-JV Angeles seal $223m water supply project

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.