Ayala power unit draws down P5 B to fund Bataan coal plant

GN Power Dinginin Ltd. Co. (GNPD) has made the first drawdown of nearly P5 billion from its credit line to finance the construction of its 2×668-megawatt (MW) coal-fired power plant in Bataan.

Ayala Corp. disclosed yesterday GNPD has made an initial drawdown under its financing documents to construct the first unit of its supercritical coal-fired power plant in Mariveles, Bataan.

GNPD is the joint venture company among Ayala Corp. power unit AC Energy Holdings Inc., Sithe Global GNPD BV and Power Partners Ltd. Co.

The initial drawdown amounted to P4.93 billion, or P4 billion and $2 million from its peso-denominated and dollar-denominated credit facility, AC Energy said. In total, the credit line amounts to P7 billion and $670 million.

Read more here.

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