Therma Visayas, Inc. (TVI) has secured P31.9 billion worth of project financing for its planned power plant in Toledo City that is set to provide much-needed power to the Visayas grid in three years.
Described as one of the largest all-peso project finance deals in Philippine history, TVI’s P31.9-billion project loan facility is being arranged by a total of 26 financial institutions, led by mandated lead arranger and sole bookrunner First Metro Investment Corporation.
“This facility will enable us to further our commitment to supporting the energy needs of our country. As our country’s economy grows, we remain committed to provide reliable and ample power supply when needed, ensure that supply of electricity is provided at a reasonable and competitive price and lastly, accomplish the first two duties with the least possible adverse effects on our environment and host communities,” remarked Antonio R. Moraza, AboitizPower President and Chief Operating Officer.
TVI’s baseload plant, which will have a gross capacity of 340 MW, is set for completion in 2018. Last year, TVI tapped Hyundai Engineering Co., Ltd and Galing Power Energy Co. Inc. for the construction of the power facilities to be built in Sitio Looc, Barangay Bato in Toledo City.
Once it goes online, the project will employ up to 2,500 workers during construction and will need some 150 personnel during its operations.