GNPower Mariveles taps local banks for $800-M refinancing

MANILA, Philippines -  Aboitiz-led GNPower Mariveles Coal Plant Ltd. Co. (GMCP) has tapped five local banks to raise as much as $800 million for its refinancing activities.

GMCP signed a notes facility agreement with BDO Unibank Inc., China Banking Corp., Land Bank of the Philippines, Security Bank Corp. and Philippine Bank of Communications for up to $800 million, Aboitiz Power Corp. disclosed yesterday.

BDO Capital & Investment Corp. is acting as sole mandated lead arranger of the transaction.

GMCP said proceeds would be used to “among others, refinance its existing loans and for other general corporate purposes.”

In January 2016, the project company secured funds from five undisclosed banks to finance 70 percent of the construction cost of the first unit of the 2x660-megawatt (MW) supercritical coal-fired power plant in Mariveles, Bataan.

The first 660-MW expansion is on track for completion in 2019, AboitizPower president and COO Antonio Moraza said in a text message.

“The first unit is (scheduled for completion in the) second half of 2019,” he said.

Meanwhile, he said, the second unit is still in the planning stage.

The plant is an expansion of the existing 2x345-MW coal plant in the same area, which started operating in 2014.

It is owned by Nauruan-American firm Power Partners Ltd. Co. and by AC Energy Holdings Inc. of the Ayala Group with 20 percent.

AboitizPower entered the picture when it bought out the Blackstone Group – World Power Holdings L.P. and Sithe Global Power L.P., which have a combined 66.1 percent interest in GMCP.

At the same time, the Aboitiz firm also acquired the Blackstone Group’s 40 percent interest in GNPower Dinginin Ltd. Co.

Both transactions, which were completed in December 2016, amounted to $1.2 billion.

Now, GMCP is a private limited partnership among Therma Mariveles Holdings Inc. and Therma Mariveles Camaya B.V. – both AboitizPower subsidiaries, with Mariveles Coal Project GP Corp., Power Partners Ltd. Co. and AC Energy affiliates Arlington Mariveles Philippines GP Corp. and Arlington Mariveles Netherlands Holdings B.V.