Hogan Lovells represented a group of Philippine banks on the PHP22 billion (approx. US$436 million) Philippine Peso only non-recourse financing for the second 668 MW unit of GNPower Dinginin Ltd. Co.'s supercritical coal-fired power plant being built in Bataan Province in the Philippines, which closed on 12 December. The project's amended and restated US Dollar and Philippine Peso debt facilities now total approximately US$1.3 billion.
Hogan Lovells previously advised the lenders on the US$800 million project financing for the development of the initial 668 MW supercritical coal-fired power plant, which closed on 2 September 2016. With the expansion financing secured, the net generating capacity of the power plant will be doubled to 1,336 MW. The total debt and equity value of the project is approximately US$1.7 billion, including equity provided by sponsors Aboitiz Power Corporation and Ayala Corporation.
Infrastructure, Energy, Resources and Projects (IERP) partner Joseph Kim led the cross-office, cross-practice team from Tokyo with the help of IERP counsel Sean Conaty and IERP senior associate Ryan Russell in Tokyo and IERP senior associate Robin Musch in Singapore, who were supported by IERP partner Alex Wong and IERP associate Zack Lin in Singapore, Banking partner Owen Chan and Banking associate Sally Law in Hong Kong, Banking Of Counsel Kevin Gralley in Baltimore, Corporate associate Paul Henesy in Tokyo and IERP associate Patricia Duffy in Washington, D.C., with additional support from the Beijing and Washington, D.C. offices.
Commenting on the project, Joseph Kim, said:
We were delighted to work on this project and assist our clients to successfully close this expansion financing. This is the fourth power project financing in the Philippines we closed over the past two years, having previously advised on the financings for GNPower Mariveles and GNPower Kauswagan power plants as well as the initial closing for GNPower Dinginin. It truly demonstrates our strengths and commitment in power development in the region.
