SN Aboitiz Power-Magat Inc., a joint venture between Aboitiz Power Corp. and its Norwegian partner, is raising P19 billion from the issuance of fixed-rate corporate notes to refinance its maturing debt obligations. In a disclosure to the Philippine Stock Exchange on Monday, Aboitiz Power said its unit SN Aboitiz has signed a notes facility agreement with the Bank of the Philippine Islands (BPI) and China Banking Corp. for the issuance of P19 billion worth of fixed-rate corporate notes. Earlier, SN Aboitiz announced plans to increase its current capacity by 300-500 megawatts (MW) to bring the company’s portfolio capacity to 1,100 MW. The company has four power plants and complexes in its portfolio: a 390-MW hydroelectric power plant complex in Alimit, Ifugao; the 360-MW Magat hydroelectric power plant between Ramon, Isabela and Alfonso Lista, Ifugao; the140-MW Ambuklao-Binga power plant; and the 8.5-MW Maris South Canal hydroelectric power plant in Isabela, which is currently in development. SN Aboitiz Power is a joint venture between AboitizPower and Norway-based SN Power AS and is engaged in power generation, particularly in the hydroelectric segment.

Source: Manila Times October 10, 2016 15:45 UTC