San Buenaventura Coal-Fired Power Plant

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The 455MW San Bueneventura super-critical coal-fired power plant is located in the Mauban Municipality of Quezon province in the Philippines. The plant is situated next to the existing 440MW coal-fired power plant Quezon. The project was initially considered in 2007, was then dropped, and was picked up again in 2012. The plant is the first supercritical highly fuel efficient and environment-friendly pulverized coal-fired power plant in the country and will help to meet the growing needs of residential, commercial and industrial customers in Meralco’s franchise area and the Luzon grid. The Ps56.3bn financing will be used for the construction and operation of the power plant. The sponsors are Meralco and Electricity Generating Public Co. Meralco is also the offtaker under a 20-year power purchase agreement. The financing comprises a single 15-year Ps42.15 billion term loan from six banks plus Ps14.2 billion in equity. The five lenders are BDO Capital, China Banking Corporation, First Metro Investment, Philippine National Bank and Rizal Commercial Banking Corporation. HSBC is financial adviser of the sponsors and Latham & Atkins and Picazo Buyco Tan Fider & Santos are legal advisers. Abuda Asis & Associates also advised the lenders on legal issues.