San Carlos Sun Power inks Php 3.7-B loan with BDO Unibank

MANILA, Dec 11 (PNA) — San Carlos Sun Power, Inc., a joint-venture between SunEdison Philippines Helios BV and Aboitiz Renewables, Inc., signed a loan agreement with BDO Unibank, Inc., amounting to Php 3.7 billion.

Proceeds of the loan will be used to develop the 59-megawatt (MW) solar facility in San Carlos City, Negros Occidental.

In August, Aboitiz Power Corp. said the two firms tapped the Nari Group as their engineering, procurement and construction (EPC) contractor for the project.

The company said the project would cost about Php 3.5 billion and set to be completed by the first quarter of 2016.

The two companies earlier created Maaraw Holdings San Carlos, Inc. for the project, to formalize equity sharing, governance structure and other terms and conditions of the partnership.

In November 2014, the partners signed a joint framework agreement to explore, develop, construct and operate 300 MWs of solar projects for the next three years. (PNA)