Overview

Bank of China - Manila Branch $14.7M loan to GNPower Kauswagan joint venture (linked to Record ID#s #63985 and #63987)

Commitments (Constant USD, 2023)$14,769,042

Commitment Year•2018Country of Activity•PhilippinesDirect Recipient Country of Incorporation•PhilippinesOverseas Jurisdiction•PhilippinesSector•EnergyFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 1, 2018

Last repayment (originally scheduled): Jun 30, 2027

Geospatial footprint

Map overview

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This project saw the development of a power plant in Kauswagan, Lanao Del Norte, Mindanao. More locational data can be found at https://www.openstreetmap.org/way/949969597

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

Bank of China (BOC)

Receiving agencies

Joint Venture/Special Purpose Vehicles

GN Power Kausawagan, Ltd. Co. (GNPK)

Implementing agencies

Private Sector

Ayala Corporation
Power Partners Ltd. Co.

Loan desecription

Bank of China - Manila Branch $14.7M loan to GNPower Kauswagan joint venture

Grant element•16.2735%Interest rate (t₀)•5.08707%Interest type•Variable Interest RateMaturity•9.5 years

Narrative

Full Description

Project narrative

In 2018, the Bank of China (BOC) - Manila Branch loaned $14,676,634 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) expected to be finished by November 2019. This project is thought to be completed. This project is linked to Record ID#63985, a $40.4M loan from BOC - Grand Cayman branch; and Record ID#63987, the umbrella project for the total $55M loan.