The Alcantara Group on Thursday said it has signed a P9.3-billion
loan with a group of Philippine banks to finance the first phase of its
210-megawatt coal-fired plant project in Maasim, Sarangani.
The group’s Sarangani Energy Corporation is handling the project, Tomas
Alcantara, Sarangani Energy president, noted in a statement.
The lending consortium is led by BDO Universal Bank (BDO), Asia United
Bank (AUB), Rizal Commercial Banking Corporation (RCBC), United Coconut
Planters Bank (UCPB), Philippine Business Bank (PBB), Planters
Development Bank, and Robinsons Bank.
The 13.5-year loan includes a 3.5-year grace period on principal repayments.
BDO Capital and Investment Corporation and RCBC Capital Corporation are
the joint lead arrangers for the transaction, with AUB as co-arranger.
The first phase of the power plant has a baseload capacity of 105
megawatts and is expected to start operations by August 2015, according
to the group.
The plant is part of a long-term
solution to the current power shortage in Mindanao that has stunted its
economic growth, the group noted.
The
P9.3-billion loan follows the acquisition by Toyota Tsusho Corporation
of a 25 percent equity in Sarangani Energy last December 10. Toyota
Tsusho is the trading company of the Toyota Group.
Alsons Consolidated Resources Inc., the publicly-listed holding company
of the Alcantara Group, retains a 75-percent equity in the Sarangani
Energy.
Alcantara, also chairman of Alsons
consolidated, said the power plant is expected to provide a reliable
source of electricity that will ease the current power shortage in
Mindanao.
He thanked the consortium of banks
“for supporting the company’s pioneering and entrepreneurial spirit, and
becoming our partners in making our vision for a progressive Mindanao
that much closer to reality,” he said. — VS, GMA News
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