Angat Hydropower Corp., a joint venture of SMC Global Power Holdings Corp. of San Miguel Corp. and Korea Water Resources Corp., secured P12.6 billion worth of loans to finance the rehabilitation of Angat Dam and the 218-megawatt Angat Hydroelectric Power Plant.
SMC Global Power said in a disclosure to the Philippine Dealing & Exchange Corp. AHC obtained the loan and financing facility for the project amounting to P12.6 billion.
No other details were provided, including the terms of the loan and the banks involved in the transaction.
KWPP Holdings Corp., an affiliate of AHC, holds the land rights and water use with respect to the Angat hydroelectric power plant, and is also a party to the project finance.
Each of AHC and KWPP is 60-percent owned by PowerOne Ventures Energy Inc. and 40-percent owned by Korean Water Resources Corp., respectively.
PVEI is a wholly-owned subsidiary of SMC Global. As shareholders of AHC and KWPP, PVEI and K Water shall act as sponsors under the project financing.
K-Water has the rights to own and operate the 218-MW portion of the power plant.