Bank of China provides USD$55 million total loan to GNPower Kauswagan joint venture (linked to Record ID#s #63985 and #63986)

Bank of China provides USD$55 million total loan to GNPower Kauswagan joint venture In 2018, the Bank of China (BOC) loaned a total of $55,037,380 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 project involves the expansion of the GNPower Kauswagan coal-fired power plant in Lanao Del Norte from 434 MW to 550 MW capacity. According to the World Bank, the estimated cost is USD$1.045 billion and involves USD$765 million in debt.

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) were expected to be finished by November 2019. This project is thought to be completed.

This project is linked to Record ID#63985, a $15M loan from BOC - Grand Cayman Branch, and Record ID#63986, a $40.4M loan from BOC - Manila Branch.