Meralco to raise $220 million to refinance its Singapore investment

The Manila Electric Company (Meralco) is planning to borrow around $220 million to refinance its investment in a power project in Singapore. The company is considering various options, including an outright bank loan or a bond issue, to raise the amount. Recently, Meralco PowerGen Corporation, through its JV with Hong Kong’s First Pacific Company, acquired a 70 per cent interest in GMR Energy (Singapore) Pte Limited for $488 million. GMR Energy is constructing an 800 MW LNG power plant complex on Jurong Island in Singapore.