Hedcor Bukidnon, a wholly owned subsidiary of Aboitiz Power Corporation, has closed project financing for its 68.8 MW hydroelectric power generation facility located in Manolo Fortich, Bukidnon (Philippines).
Specifically, the firm has obtained loans and credit accommodations from a consortium of lender-banks in the amount of up to P10 billion (US$213.3 million) to finance the development, construction, operation and maintenance of its 68.8MW hydroelectric plant.
BPI Capital Corporation acted as Mandated Lead Arranger and Bookrunner, while Bank of the Philippine Islands - Asset Management and Trust Group is acting as Trustee and Facility Agent.
The P12.5 billion (US$266.6 million) project is designed to have two cascading plants, the 43.4 MW Manolo Fortich Hydro 1 and the 25.4 MW Manolo Fortich Hydro 2. This is the first venture of Hedcor in Bukidnon Province.
Aboitiz Power Corporation has recently announced that it has secured a a deal to co-develop a 110 MW geothermal plant with PT Medco Power Indonesia (MPI).