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Bank of China - Manila Branch $14.7M loan to GNPower Kauswagan joint venture (linked to Record ID#s #63985 and #63987)
| Funder | Bank of China (BOC) |
|---|---|
| Recipient Organization | GN Power Kausawagan, Ltd. Co. (GNPK) |
| Country | Philippines |
| Start Date | Jan 01, 2018 |
| End Date | Nov 05, 2032 |
| Duration | 5,422 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 63986 |
Grant Description
Bank of China - Manila Branch $14.7M loan to GNPower Kauswagan joint venture In 2018, the Bank of China (BOC) - Manila Branch loaned $14,676,634 to GNPower Kauswagan, a joint venture of the Ayala Corporation and shell company Power Partners Ltd. Co.
The loan's interest rate is 3.25% + LIBOR (2.49%) for a total of 5.74% (LIBOR rate taken by calculating the average rate of the 6-month average interest rates in 2018) to be paid in 19 unequal semi-annual installments from the loan conversion date.
The expansion of the GNPower Kauswagan coal-fired power plant in Lanao Del Norte involves expanding the capacity from 434 MW to 550 MW with the construction of a fourth 135 MW unit.
According to "Lanao Norte coal plant to begin operation in May," phase I (two of four 135 MW units) were expected to begin commercial operation in May 2019, and phase II (the remaining two units) expected to be finished by November 2019. This project is thought to be completed.
This project is linked to Record ID#63985, a $40.4M loan from BOC - Grand Cayman branch; and Record ID#63987, the umbrella project for the total $55M loan.
Sources & References
- Lanao Norte coal plant to begin operation in May
- Consolidated Financial Statements December 31, 2018 and 2017and Independent Auditor’s Report
- Contribution of Institutional Investors Private Investment in Infrastructure 2011–H1 2017
- Lanao Kauswagan power station - Global Energy Monitor
- 菲律宾考斯瓦根4×135兆瓦燃煤电站2号机组顺利移交
- Power Infra Structure as of 27 September 2019 Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
All Grantees
GN Power Kausawagan, Ltd. Co. (GNPK)
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