SyCipLaw
advises lenders in Limay, Bataan power project
SyCipLaw
acted as local counsel to DBS Bank Ltd., Mizuho Bank, Ltd. and Standard
Chartered Bank, the structuring banks in the US$400 million Project Financing
of a new 300MW coal-fired power plant in Limay, Bataan of SMC Consolidated
Power Corp. The lenders to the project financing, in addition to the
structuring banks were Bank of Commerce, Bank of Tokyo-Mitsubishi UFJ, CTBC
Bank Co. Ltd., Maybank International (Labuan Branch), Maybank Philippines,
Inc., Siemens Bank GMBH (London Branch), INTESA San Paolo S.p.a. (Hong Kong
Branch). The project financing was recognized as Best Power Deal in the
Asia-Pacific Region in the 2015 IJ Global Awards.
SMC
Consolidated Power Corp. is a wholly-owned subsidiary of San Miguel Corporation
through SMC Global Power Holdings Corp. The San Miguel group is currently
expanding its power generation portfolio with several projects being advanced
into construction phases across grids. This project is the first of three 300MW
power plants, which will share certain facilities and be operated by a single
O&M Contractor.
The
SyCipLaw team was composed of partners Simeon Ken R.
Ferrer, Hector
M. de Leon, Jr. and Angel M. Salita, Jr.
with senior associates John Paul V.
de Leon and Bhong Paulo
A. Macasaet, and Maria Luisa
D. Manalaysay Sabornay and Levi Anthony
B. Malaylay as associates.
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