Bank of China - Grand Cayman Branch $40.4M loan for GNPower Kauswagan joint venture (linked to projects #63987 and #63986)

In 2018, the Bank of China - Grand Cayman Branch loaned $40,360,746 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) were expected to be finished by November 2019. This project is thought to be completed. This project is linked to project #63986, a $15M loan from Bank of China - Manila Branch, and project #63987, the umbrella project for the total $55M loan.

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5