AC Energy secures additional funding for Lanao power plant

AC Energy Holdings Inc., the energy arm of Ayala Corp., and its partners have secured additional $200 million funding to construct the fourth unit of its 540-megawatt (MW) coal-fired power plant in Kauswagan, Lanao del Norte in Mindanao.

Ayala Corp. disclosed yesterday GNPower Kauswagan Ltd. Co. “achieved financial close for the additional funding.

GNPower Kauswagan is a Philippine limited partnership of AC Energy, the Philippine Investment Alliance for Infrastructure (PINAI) Fund and Power Partners Ltd. Co. AC Energy corners 80 percent of the project.

AC Energy president and chief executive officer John Eric Francia said the cost of the project is about $1 billion.

The company said the total estimated project cost would be funded through 70 percent debt and 30 percent equity.

Read more here.

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