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Panay Energy Development Signs P14.0 Billion Financing Package Manila, Philippines, February 26, 2010— Panay Energy Development Corporation (PEDC), a subsidiary of Global Business Power Corporation (GBPC), signs a P14.0 Billion financing package for the construction of its coal fired power plant in La Paz, Iloilo City. In a deal arranged by investment bank First Metro Investment Corporation, nine financial institutions pledged to lend PEDC P14 billion payable in twelve years. The loan is considered another breakthrough for project financing in the Philippines, as this is the second largest peso denominated project loan facility to be purely funded by local institutions, the biggest being the P16.0 Billion of Cebu Energy Development Corp. in Toledo City, Cebu, another subsidiary of Global Power. Among the lenders in the consortium are Allied Banking Corporation, Bank of the Philippine Islands, China Banking Corporation, Land Bank of the Philippines, Metropolitan Bank and Trust Co., Philippine National Bank, Philippine American Life and General Insurance Co., Rizal Commercial Banking Corporation, and Union Bank of the Philippines. Formosa Heavy Industries will undertake the engineering design, procurement, and construction of the power plant which is targeted to be up and running by end 2010. With a generating capacity of 164 megawatts, PEDC is said to complement Global Business Power Corp.’s existing power plants of 109.5 MW diesel plants in Panay Island. The new power plant is envisioned to help solve the power shortfall in the Panay, as well as in the Visayas in general.
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