In a disclosure made today to the Securities and Exchange Commission, Philippine Stock Exchange, and Philippine Dealing and Exchange Corporation, Ayala Corporation said that GNPower Kauswagan Ltd. Co., a limited partnership owned by AC Energy Holdings, Inc., a fully-owned subsidiary of Ayala Corporation, the Philippine Investment Alliance for Infrastructure (PINAI) Fund, and Power Partners Ltd. Co., has signed definitive documentation for the financing to commence the phased construction of a 4 x 135MW coal-fired power plant in Kauswagan, Lanao del Norte.
The total project cost will be funded by both debt and equity. The debt will be financed by a syndicate of domestic banks with additional debt from international banks.
The plant will help alleviate the tight power supply situation in Mindanao. Construction of the plant is scheduled to start in early 2015.
A copy of the disclosure signed by Ayala’s group head for corporate strategy and development Paolo F. Borromeo may be found on the PSE Edge Portal.