SyCipLaw Advises Borrowers in Pagbilao LNG Power Plant and Hub Terminal Project

September 06, 2016

SyCipLaw is acting as borrower’s counsel for Energy World Corporation in the P6.75 billion financing package to partially fund the development of the first phase of the proposed 650-megawatt liquefied natural gas combined cycle power plant in Pagbilao, Quezon Province.

The term loan facility will be extended by a syndicate of Philippine banks, with Development Bank of the Philippines acting as the mandated lead arranger, and with Land Bank of the Philippines and Asia United Bank acting as joint lead arrangers. EWC enlisted Standard Chartered Bank as its financial advisor.

EWC’s program aims to bring clean and affordable power to the Philippines, and this transaction embodies a significant step in achieving that goal.

In connection with the power plant project, on June 14, 2016, EWC also closed its deal for a P1.5 billion financing package to partially fund the development of its liquefied natural gas hub terminal in Pagbilao, Quezon Province, which is expected to be the first in the Philippines. This will serve as the power plant’s source of regasified LNG when it is completed. Standard Chartered Bank and Land Bank of the Philippines participated in the notes facility for this transaction.

The SyCipLaw team is led by senior partner Marievic G. Ramos-Añonuevo, with partner Melyjane G. Bertillo-Ancheta, senior associate Bhong Paulo A. Macasaet, and associate Aldous Benjamin C. Camiso rounding up the team.