Aboitiz Power subsidiary Hedcor Bukidnon has secured a P10 billion load to finance the development of its hydroelectric power generation facility in Bukidnon province.
Hedcor Bukidnon, Inc. obtained loans and credit accommodations from a consortium of lender-banks in the amount of up to P10 billion.
The loan will be used to finance the development, construction, operation and maintenance of its 68.8-MW hydroelectric power generation facility located in Manolo FortichÂ inÂ Bukidnon.
BPI Asset Management and Trust Group serve as trustee and facility agent whereas BPI Capital Corp acted as mandated lead arranger and book runner for the transaction.
Featuring two units including 43 MW Manolo Fortich 1 and the 25 MW Manolo Fortich 2, the power plant is designed to generate clean power using hydropower resources.
Hedcor Bukidnon, the project company for this hydropower project, is owned by Aboitiz Renewables, Inc., which in turn serves as the holding company of AboitizPowerâ€™s renewable energy investments.
Construction work of the project is already underway since April and is planned to be completed by the end of 2017.
The 68.8 MW Manolo Fortich project, which is expected to create 500 construction jobs, will serve as the AboitizPowerâ€™s 23rd hydropower plant in the Philippines.
Originally from Business World Online