San Miguel Corp. (SMC) power arm San Miguel Global Power Holdings Corp. becomes the sponsor and shares security grantor of the omnibus loan and security agreement worth up to P50 billion by its affiliate Mariveles Power Generation Corp.
In a filing dated April 14 at the Philippine Dealing and Exchange Corp. but was publicized on Tuesday, the company said senior term lenders of the amount include Asia United Bank Corp., Bank of Commerce, China Banking Corp., Development Bank of the Philippines and the Philippine National Bank, among others.
The company did not provide details where the amount will be spent but said that additional senior term loan financing agreements may still be executed.
Mariveles Power owns the 4×150 megawatts (MW) circulating fluidized bed coal-fired power plant in Bataan.
Last month, the Energy Regulatory Commission (ERC) set this year’s installed generating capacity (IGC) and market share limitation for both the national and regional grids.
SMC was named then by ERC as the top company in terms of IGC and market share as of end-2024, leading with 6,079,606 kilowatts (kW) equivalent to 22.44 percent of the national share.
The regulatory body sets the said figures annually and adjusts them as necessary, based on the maximum capacity of generation facilities.
Under the Electric Power Industry Reform Act of 2001, no company or related group can own, operate or control more than 30 percent of the IGC of a grid and/or 25 percent of the national IGC.
In Luzon, SMC has 5,519,046 kw which is equivalent to 28.42 percent, 180,670 kw or 5.34 percent in Visayas and 378,890 kw or 8.85 percent in Mindanao.
