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.
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.