ATN Holdings seeks investors and announces lenders for 120 MW solar project

ATN Holdings, Inc. has announced a plan to develop a 120-megawatt (MW) solar photovoltaic plant in Rodriguez, Rizal (Philippines).

According to sources, ATN Holdings released:

"In line with the growing economic opportunity near ATN’s large tract of 256 hectares raw land, it is investing in 120 MW of power generation plant to be implemented by ATN Philippines Solar Energy Group Inc (ATNS), which holds a service contract for 30 MW of solar PV power issued by the Department of Energys and other permits needed to execute initial construction and operation."

The total project investment is estimated at P5.64 billion (US$121 million). Funding for the project comprise P2.14 billion of equity investment and P3.5 billion of debt financing. Project financing will be provided by Philippine Veterans Bank, China Banking Corp., United Coconut Planters Bank and one unnamed bank.

Additionally, the ATN Holdings is initiating a stake sale of the company’s 5 billion preferred shares to fund the solar project of its subsidiary ATNS. The target amount for the first tranche of 2.5 billion preferred shares would be P1.5 billion. Subscription proceeds will be earmarked for the 120 MW solar project.