PEC borrows P33.3B to build Pagbilao Unit 3

MANILA, Philippines – Pagbilao Energy Corporation (PEC) is borrowing P33.309 billion from local banks to finance the construction of a third unit of the coal-fired Pagbilao power plant in Quezon province.

PEC is a joint venture between TPEC Holdings Corporation and Therma Power Inc (TPI). 

TPI is a unit of Aboitiz Power Corporation which disclosed on Friday, May 16, that an omnibus agreement was signed with a consortium of lender-banks to obtain loans and credit accommodations amounting to P33.309 billion.

BDO Capital & Investment Corporation, BPI Capital Corporation and First Metro Investment Corporation were appointed as joint mandated lead arrangers, while SB Capital Investment Corporation was tasked as co-lead arranger.

PEC entered into an engineering, procurement and construction (EPC) contract with a consortium comprised of Mitsubishi Hitachi Power Systems Ltd, Daelim Industrial Co, Ltd, DESCO Inc, and Daelim Philippines Inc for the project.

Pagbilao Unit III will be built in the same location as the existing Units I and II of the 700-megawatt Pagbilao coal-fired thermal power plant in Pagbilao, Quezon.

Aboitiz Power sells and manages the electricity output of the plant as the independent power producer administrator. – Rappler.com