The company said that BDO Capital & Investment Corp. has played as the issue manager and lead arranger, while BDO Unibank Inc.-Trust and Investments Group was appointed as trustee and facility agent, BusinessWorld reported.
"Therma South, Inc. (Therma South) signed an Omnibus Agreement with a consortium of lender-banks to obtain loans and credit accommodations in the amount of up to P24 billion," Aboitz Power’s disclosure read.
In May 2013, AboitizPower president and CEO Erramon I. Aboitiz said that the 300MW power plant will be financed 70% through loan and 30% through equity.
The power plant, which is scheduled for commercial operation in 2015, will supply electricity to distribution utilities, including the Davao Light and Power Corp., Cotabato Light and Power Corp., Davao del Sur Electric Cooperative Inc. and Davao Oriental Electric Cooperative Inc.
Therma South’s power facility is located in a site that straddles the boundary of Davao City and the municipality of Sta. Cruz in Davao del Sur.
In June 2013, The National Grid Corporation of the Philippines, has urged the Energy Regulatory Commission to approve its PHP853m substation project in Davao to accommodate the entry of Therma South’s power plant.
