Tiwi MakBan and LRT1 Cavite Transactions Receive PFI Awards 2016

March 7, 2017


The Project Finance International (PFI) Awards 2016 recognized the Tiwi MakBan project as Bond Deal of the Year and the LRT1 Cavite project as Infra Deal of the Year. SyCipLaw teams advised on these projects.

The Tiwi MakBan project involved the issuance by AP Renewables of a landmark climate bond. SyCipLaw acted as borrower’s counsel for AP Renewables, Incorporated (APRI), a unit of Philippine energy company Aboitiz Power. It is the first climate bond issued in the Asia-Pacific and the first ever climate bond for a single project in an emerging market. Read more information about this transaction.

The SyCipLaw team for this transaction was led by partners Marievic G. Ramos-Añonuevo and Melyjane G. Bertillo-Ancheta, with support from senior associates Jan Celine C. Abaño-Ranada and Bhong Paulo A. Macasaet, and associate Aldous Benjamin C. Camiso, among others.

The LRT1 Cavite project involved the financing for the rehabilitation and extension of the PHP 65 billion LRT1 Cavite Extension Project. SyCipLaw acted as counsel to the Light Rail Manila Corporation (LRMC) in this project. As part of the project, LRMC, as concessionaire, will operate and maintain the existing LRT Line 1 and construct an 11.7-km. extension from the present end-point at Baclaran to the Niog area in Bacoor, Cavite, resulting in a total of eight new stations. Read more information about this transaction.

The SyCipLaw team for this transaction was composed of partners Rocky Alejandro L. Reyes and Arlene M. Maneja with support from senior associate Ma. Christina C. Ortua and associates Earla Kahlila Mikhaila C. Langit, Mark Xavier D. Oyales and Jaime Liz F. Yu.

The PFI Awards 2016 took place at The Hilton, Park Lane, London on February 1, 2017 and was attended by 800 senior project finance professionals. Visit the PFI Awards website for more information and for the full list of winners.