Global Power Holdings Corporation, a San Miguel Corporation (SMC) subsidiary, has issued USD600 million in securities, which will be used to fund the construction of a 1,313 MW combined cycle power plant in Batangas province in Philippines. DBS Bank, Mizuho Securities Asia and Credit Suisse Hong Kong were in charge of issuing the securities. The joint lead managers were Standard Chartered Bank and UBS Singapore branch.
The proceeds will be used to fund the construction of the power plant, which will diversify and enhance the production of the 1,200-MW Ilijan power complex in Batangas, which is mostly powered by natural gas. SMC Global Power intends to expand its coal and LNG based power generating portfolio by at least 2,848 MW.