Energy World Corporation (EWC) has agreed a mandate and term sheet with the Development Bank of the Philippines (DBP) for project financing of its Philippines LNG Hub Terminal and Power Station. The agreement was signed in Manila on 28th February 2014.
The value of the project debt is estimated to be approximately US$ 550 million. DBP will partially underwrite this financing and arrange for syndication among local lenders.
EWC CEO and chairman, Stewart Elliott, commented: “We are extremely pleased to announce this important financing milestone for our Philippines Projects, which represents a strong statement of support for EWC’s strategy to bring clean and green energy to Asia by one of the Philippines’ leading financial institutions.
“We look forward to working in close cooperation with the Development Bank of the Philippines and other local and international lenders in finalising this project financing transaction in the coming months.”
Adapted from press release by Katie Woodward
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/04032014/philippines_lng_terminal_receives_project_financing_238/