SK Engineering & Construction (SKE&C), subsidiary of South Korean conglomerate SK Group, has signed a Letter of Intent (LOI) with the Government of the Philippines to build two 600 MW coal-fired power plants on Luzon island at an estimated cost of KRW2.2 trillion (US$1.98 billion).
Energy Finance & Investment News in Philippines
SK E&S, a subsidiary of Korean conglomerate SK Group, has signed a Letter of Intent (LOI) with the Department of Energy of the Philippines proposing the construction of liquefied natural gas (LNG) infrastructure worth US$1.7 billion. In addition, Phoenix Petroleum and China National Offshore Oil Corp (CNOOC) have signed a Memorandum of Understanding (MOU) to develop LNG projects in the country.
The Asian Development Bank (ADB) has signed a loan equivalent of up with US$235 million to B.Grimm Power Public Company Limited, one of the largest power producers in Thailand, to develop and enhance renewable energy capacity in member countries of the Association of Southeast Asian Nations (ASEAN).
GNPower Dinginin Ltd. Company (GNPD) has reached financial closing for the second generator of the $1.7-billion supercritical coal-fired power plant in Bataan, in the Central Luzon region of the Philippines. GNDP is owned by the Ayala group subsidiary AC Energy Holdings Inc. (50%) and Therma Power Inc., a unit of Aboitiz Power Corp. (50%).
Global Infrastructure Partners (GIP), an independent global infrastructure investor, has announced that its fund, Global Infrastructure Partners III - in conjunction with the Public Sector Pension Investment Board (PSP Investments), one of Canada’s largest pension investment managers, CIC Capital Corporation and a group of its other Limited Partner Co-Investors - has agreed to acquire 100 percent of the equity interests in the wind and solar renewable energy portfolio of Equis Funds Group for US$5.0 billion (including assumed liabilities of US$1.3billion).
The U.S. Trade and Development Agency awarded a grant to Tayabas Geothermal Power Inc. (TGPI) supporting the development of a 60-100MW geothermal power project in southeast Luzon, Philippines.
First Gen Corporation and Philippines Renewable Energy Holdings Corporation (PREHC) have marked the commencement of their strategic partnership as substantial shareholders in Energy Development Corporation (EDC).
Statkraft and Norfund have closed an agreement to swap shares in their jointly owned international hydropower assets.
Ayala Group’s AC Energy Holdings has taken over NorthWind Power Development Corp., the company operating the 52 MW wind farm in Bangui, Ilocos Norte.
ATN Holdings, Inc. has announced a plan to develop a 120-megawatt (MW) solar photovoltaic plant in Rodriguez, Rizal (Philippines).
IFC with support from the Government of Canada and the Clean Technology Fund, has announced an investment of US$161 million in three biomass power plants in Negros Occidental, the Visayan island.
Megawide Construction Corporation has announced the acquisition of Philippine loca energy firm Citicore Power.
Energy Development Corp. (EDC) has plans to develop six wind power projects in Philippines totaling 1.5 gigawatts (GW).
Metro Pacific Investments Corporation agrees to acquire an additional 25% interest in Beacon Electric Asset Holdings
First Pacific Company Limited has announced that Metro Pacific Investments Corporation (MPIC) has agreed to acquire an additional 25% interest in Beacon Electric Asset Holdings, Inc. for PHP26.2 billion (US$567.3 million) from PLDT Communications and Energy Ventures, Inc. (PCEV), a subsidiary of Philippine Long Distance Telephone Company (PLDT), the Philippine’s premier telecommunications provider.
InfraCo Asia Development (IAD) has entered into a Joint Investment and Development Agreement (JIDA) and a Convertible Loan Agreement (CLA) with Alternergy Hydro Partners Corporation (AHPC), a developer of renewable energy projects based in Manila, Philippines.
Government Service Insurance System (GSIS), a social insurance institution created under Commonwealth Act Number 186 tasked to secure the future of all employees of the Philippine government, has recently announced that it is planning to set up a US$400 million fund for major infrastructure projects.
Nickel Asia Corporation has announced it is investing P2.16 billion (around US$46 million) in projects of its renewable energy unit Emerging Power, Inc. (EPI).
French power and gas group Engie and Japan's Marubeni have plans to bid for the Chevron Corp's Asian geothermal energy blocks located in Indonesia and Philippines.
The Asian Development Bank (ADB) has entered into an agreement with the Japan International Cooperation Agency (JICA) to establish a new fund to support private infrastructure investments across Asia and the Pacific. The fund, Leading Asia’s Private Infrastructure, or LEAP, will be capitalized by $1.5 billion in equity from JICA, and will be managed by ADB’s Private Sector Operations Department.
The Asian Development Bank (ADB) has backed the issuance of the first Climate Bond in Asia and the Pacific through the credit-enhancement to the Philippine firm AP Renewables for the Tiwi-MakBan geothermal energy facilities.