Manila Electric to refinance power plant investment

Meralco (subsidiary of Manila Electric Co) is seeking to borrow around $220m to refinance an investment in a Singapore power project.

The Philippines power distributor’s CFO, Betty Siy-Yap, said the company was considering various options, including an outright bank loan or a bond issue, to raise the amount needed to refinance the investment.

"Definitely, we'll go for long-term money because this is a long-term project," said Ms Siy-Yap.

Meralco PowerGen Corp. recently took a 40 per cent stake in FPM Power Ltd., a joint venture with Hong Kong's First Pacific that acquired a 70 per cent interest in GMR Energy (Singapore) for $488m.

GMR Energy is constructing a liquefied natural gas power plant complex, with a total capacity of 800 MW, in Jurong Island, Singapore.

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