P 10.5B syndicated loan for Alsons Sarangani plant is Power Deal of the Year
Hong Kong-based business news and research organization The Asset has named a P 10.5-billion syndicated term loan facility to fund the construction of the second section of Alsons Power’s coal-fired power plant in Sarangani as Philippine Power Deal of the Year for 2017.
The loan deal was cited because “the project will provide additional base-load capacity …in Mindanao” and because of its solid fundamentals and economic impact. Sarangani Energy Corp. (SEC) of the Alsons Power Group is building the second 105-megawatt (MW) section of its 210-MW baseload coal-fired power plant in Maasim, Sarangani Province.
It is expected to start commercial operations early next year and benefit an additional three million residents in South Cotabato, Davao del Sur, Zamboanga del Norte, Zamboanga del Sur, Cagayan de Oro City, and other key areas of Mindanao.
The US$570-million SEC power plant is the single largest power investment in Sarangani Province and the entire Region 12.
Alsons Power, Mindanao’s first and most experienced independent power producer, currently operates four power facilities in Mindanao with a combined capacity of 363 MW and serving over eight million customers in 13 cities and eight provinces including key urban centers such as Davao City, Cagayan de Oro, General Santos, Iligan, and Zamboanga City.