GNPower Mariveles Coal Power Plant

Active

GNPower Mariveles Coal Plant Ltd. Co. was created to build and operate a 600 MW (2x300 MW) coal fired power plant capacity in Bataan, on the island of Luzon, Philippines. Initially the plant was planned as 1,200 MW LNG power plant but change to a 600 MW coal fired power plants in 2007. GNPower Mariveles Coal Plant Ltd. Co. was a subsidiary of GN Power, which operated power plants and had licenses for retail electricity supply from the Energy Regulatory Commission (ERC). This plant was the first phase of a GN Power's plans for 2,100MW. GN Power was a joint venture among Sithe Global, Power Partners, PMR Holding Corporation and US-based Denham Capital Management. The power plant was conceived and developed by the private sponsors. It was the first plant to be implemented without any government support in the Philippines. The project company signed several long term power purchase agreements with numerous off-takers including Manila Electricity Co. (MERALCO) and Dagupan Electricity Corp between 2007 and 2009. The project cost was estimated to be US$1000 million. The project reached financial closure in January 2010 with US$493m 16-year term loan and US$$227m 12-year term loan in debt and US$$280m in equity. The US$493m loan was arranged by China Development Bank (CDB) and the US$280 million loan by Filipino Banco de Oro Unibank Inc (BDO). GN Power signed an EPC contract with CNEEC [China] on Feb. 6, 2009. The Engineering, Procurement and Construction counterparty is CNEEC (China). Construction started on 29 Jan 2010 and operation was expected to start on 29 March 2013.