The loan has a 13.5-year tenor, including a three-and-a-half year grace period on principal repayment, Ymson said.
The coal-fired power project, located near a world-class diving spot and is staunchly opposed by environment groups like Greenpeace and the local Catholic Church, will generate up to 210 megawatts of electricity.
Construction of the first phase of 105 MW would cost $310 million or at least P12.7 billion at today’s exchange rate.
Early this week, Japanese trading firm Toyota Tsusho Corp. acquired 25 percent of Sarangani Energy through a shareholder agreement signed with ACR executives.
Thirty percent of the project cost which will be spent over the next three years of construction will come from equity to be infused by ACR and Toyota Tsusho on a 75:25 basis.
The 70 percent balance will come from the syndicated bank loans.
Sarangani Energy expects the first phase to go on commercial stream by August 2015.
ACR chair Tomas I. Alcantara said the coal-plant project, which has been in the pipeline since 2007, will help ease the current power shortage in Mindanao.
Sarangani Energy has forged a power sales agreement (PSA) with the South Cotabato II Electric Cooperative, Inc. (Socoteco-2) to provide up to 70 MW of electric supply.[]