7 power supply deals get ERC go-ahead

THE Energy Regulatory Commission (ERC) has given provisional approval to power supply deals forged by GNPower Dinginin Ltd. Co. with seven electric cooperatives in the Visayas, bolstering the future commercial viability of the company. GNPower Dinginin signed the power purchase and sale agreements (PPSA) with Don Orestes Romualdez Electric Cooperative, Inc.; Southern Leyte Electric Cooperative,…

AboitizPower invests $1.2 B in 2 Bataan plants

The Aboitiz Group is acquiring beneficial interests from Blackstone Group-affiliated investment funds in two GNPower coal-fired power plants in Bataan for  about $1.2 billion to meet its 4,000-megawatt (MW) capacity target in the next five years. Aboitiz Power Corp. announced yesterday its wholly owned unit Therma Power Inc. has finalized the purchase and sale agreements…

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…

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…

ERC forms 2 divisions to speed up price collusion probe

The ERC has formed two divisions for a speedy decision-making on the cases of 12 power players that withheld power supply in December 2013 which resulted in record high increase in electricity rates. Currently pending is the decision on the 13 complaints from the ERC-Investigating Unit in violation of Section 45 of Republic Act No. 9136 pertaining…

AC Energy to meet 1,000MW target this year

  AC Energy Holdings Inc. of the Ayala Group will hit its target of 1,000-megawatt (MW) attributable capacity this year, its top official said yesterday.  Read more here.