RP Energy finalizing P30-B bank loans for Subic plant

Redondo Peninsula Energy Inc. (RP Energy) is looking to close a P30-billion loan from three local banks by December to put the construction of its 2×300 megawatt (MW) Subic coal-fired power plant in full swing, a company official said.

“We’re in the thick of due diligence and loan agreement discussions with the lenders and our advisers,” said Meralco senior vice president and Meralco PowerGen Corp. (MGen) general manager Angelito Lantin.

Lantin said the loan amount is equivalent to 70 percent of the total project cost of its 2×300-MW coal-fired power plant in Subic, Zambales.

Read more here.

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