GNPower Dinginin plant

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The GNPower Dinginin Plant will initially consist of a 1 x 668 MW supercritical coal-fired power plant (with a one-time expansion option for an additional 1 x 668 MW supercritical unit). This greenfield project is located in the Municipality of Mariveles, Luzon Island, Philippines, and is directly adjacent to the existing GNPower Mariveles 625 MW. GNPower Dinginin Ltd. Co. is a joint venture of AC Energy (Ayala Corp subsidiary), Therma Power (Aboitiz Power subsidiary) and Power Partners. Initially, the project sponsors were Ayala Corporation, Sithe Global Power and Power Partners. However, in December 2016 an affiliate of Aboitiz Corporation completed a purchase of Sithe Global's interest in the venture, corresponding to 40 per cent ownership. The economic stake of AC Energy (Ayala Corporation) is 50 per cent, with the remaining interest controlled by Power Partners. The facility will be developed on a BOO basis. LUELCO (La Union Electric Cooperative. Inc.) solicited proposals from power generators in 2016. As a result, GNPower's offer appeared to be the best with regards to rate and least cost per kwh. Coal is to be sourced under long-term offtake agreements with several suppliers. Electricity will be sold to offtakers (several electric cooperatives) under long-term power purchase agreements (20 years). Based on the terms and conditions of the PPSA, the parties plan to start delivery of power on December 26, 2018. The total cost of the investment is $1,115.4 million. The project is financed through $285 million in equity and $830 million in debt, provided by BDO Unibank, Rizal Commercial Bank, Development Bank of the Philippines, Security Bank Corporation, China Banking Corporation and Bank of the Philippine Islands. Financial close was reached on September, 2 2016. https://ijglobal.com/data/transaction/36848/gnpower-dinginin-coal-fired-power-plant-668mw http://www.ayala-energyinfra.com/ac-energy/conventional-energy/gnpower-dinginin/