ABOITIZ POWER Corp. on Wednesday said its unit GNPower Mariveles Coal Plant Ltd. Co. (GMCP) signed a notes facility agreement amounting to $800 million  with a consortium of lenders.

GNPower Mariveles
The 632-MW GNPower Mariveles power plant is a partnership among AC Energy, Aboitiz Power subsidiary Therma Power and Power Partners. — http://www.ayala-energyinfra.com

“The proceeds of the notes will be used by GMCP to, among others, refinance its existing loans and for other general corporate purposes,” the energy arm of the Aboitiz group told the stock exchange.

The noteholders are BDO Unibank, Inc., China Banking Corp., Land Bank of the Philippines, Security Bank Corp. and Philippine Bank of Communications, it said. BDO Capital & Investment Corp. is acting as sole mandated lead arranger.

GMCP is a partnership among AboitizPower units Therma Mariveles Holdings, Inc., and Therma Mariveles Camaya B.V., with Mariveles Coal Project GP Corp., Power Partners Ltd. Co., and AC Energy Holdings, Inc.’s affiliates Arlington Mariveles Philippines GP Corporation, and Arlington Mariveles Netherlands Holdings B.V.

GMCP owns a subcritical coal-fired power plant, including associated and auxiliary assets.

The plant has two units each with a capacity of 345 megawatts (MW). The plant is in Mariveles, Bataan.

On Wednesday, shares in AboitizPower slipped by 0.25% to close at P39.40 each. — Victor V. Saulon