Meralco inks $2.07b financing deal for 1.2GW USC coal project

It has sealed "mandate letters" with seven Philippine banks.

Philippines' power utility giant Meralco has signed mandate letters with seven local banks for a loan facility worth US$2.07b, which it will need for the 1,200MW Atimonan One Energy ultra super critical coal-fired power project in Quezon province.

Angelito U. Lantin, senior vice president of Meralco PowerGen (MGen), said in local reports that this will easily be the biggest project financing deal done in the country.

The names of lender-banks will be revealed upon closing of the deal.