A WHOLLY owned subsidiary of Aboitiz Power Corp. secured financing for the development, construction, operation and maintenance of its 68.8-MW hydroelectric power generation facility that would expand the renewable energy component of the Aboitiz Group’s coal-dominated power portfolio.
Hedcor Bukidnon Inc., through Aboitiz Renewables Inc., obtained loans and credit accommodations from a consortium of lender-banks worth P10 billion to finance the P12.5-billion project in Manolo Fortich, Bukidnon.
BPI Capital Corp. was the mandated lead arranger and bookrunner, while the Bank of the Philippine Islands-Asset Management and Trust Group was the trustee and facility agent, AboitizPower said in a disclosure to the Philippine Stock Exchange.
On April 22, AboitizPower held a groundbreaking ceremony signaling that the construction of the Manolo Fortich power station is underway.
The P12.5-billion project is designed to have two cascading plants: The 43.4-MW Manolo Fortich Hydro 1 and the 25.4-MW Manolo Fortich Hydro 2.