Aboitiz Power said that loan and credit accommodation was issued by consortium of lender-banks to Hedcor Bukidnon, through Aboitiz Renewables.
The funding will be used to develop, build, operate and maintain the PHP12.5bn ($270.9m) hydroelectric power plant.
Construction work of the project is already underway since April and is planned to be completed by the end of 2017.
BPI Asset Management and Trust Group serve as trustee and facility agent whereas BPI Capital acted as mandated lead arranger and book runner.
Featuring two units including 43MW Manolo Fortich 1 and the 25MW Manolo Fortich 2, the power plant is designed to generate clean power using hydropower resources.
The Manolo Fortich hydropower project, which is expected to create 500 construction jobs, will make use the Tanaon, Amusig and Guihean rivers to generate a total of 360GWh of reliable and renewable energy.
Hedcor is responsible for the development and operations of efficient run-of- river hydropower systems.
The firm is planning to generate 2 billion kWh of power by 2020.
AboitizPower owns several hydroelectric and geothermal assets as well as non-renewable power plants. It also has distribution utilities located in Luzon, Visayas and Mindanao.
Image: Construction work of Manolo Fortich hydropower project started in April. Photo: courtesy of AboitizPower.
