Pagbilao LNG Power Plant and LNG Hub Terminal
SyCipLaw
is acting as borrower’s counsel for Energy World Corporation
in the P6.75 billion financing package to partially fund the development of the
first phase of the proposed 650-megawatt liquefied natural gas combined cycle
power plant in Pagbilao, Quezon Province.
The
term loan facility will be extended by a syndicate of Philippine banks, with
Development Bank of the Philippines acting as the mandated lead arranger, and
with Land Bank of the Philippines and Asia United Bank acting as joint lead
arrangers. EWC enlisted Standard Chartered Bank as its financial advisor.
EWC’s
program aims to bring clean and affordable power to the Philippines, and this
transaction embodies a significant step in achieving that goal.
In
connection with the power plant project, on June 14, 2016, EWC also closed its
deal for a P1.5 billion financing package to partially fund the development of
its liquefied natural gas hub terminal in Pagbilao, Quezon Province, which is
expected to be the first in the Philippines. This will serve as the power
plant’s source of regasified LNG when it is completed. Standard Chartered Bank
and Land Bank of the Philippines participated in the notes facility for this
transaction.
The
SyCipLaw team is led by senior partner Marievic G.Ramos-Añonuevo, with partner Melyjane G.Bertillo-Ancheta, senior associate Bhong Paulo A.Macasaet, and associate Aldous Benjamin C.Camiso rounding up the team.