Alcantara family gets P10.5B fresh loan
A unit of Alsons Consolidated Resources has obtained a P10.5 billion loan from a group of banks to partly fund the ongoing construction of the second 105-megawatt coal-fired power plant in Sarangani Province.
The loan carries a tenor of 13.5 years including a 3.5-year grace period on principal payment.
Among the local banks which took part in the transaction were BDO Universal Bank, Asia United Bank, Rizal Commercial Banking Corp., United Coconut Planters Bank, Philippine Business Bank, China Bank Savings, and Robinsons Bank Corp.
The plant’s second 105 MW section commenced operations in January 2017 and is targeted for completion in the first half of 2019. It is set to contribute another 105 MW of baseload power to benefit an additional three million residents of South Cotabato, Davao del Sur, Zamboanga del Norte, Zambonga del Sur, Cagayan de Oro and other key areas of Mindanao.
With an estimated cost of $600 million, the plant is the single largest investment in Sarangani Province and the entire Region 12.