Thunder Consortium secures $1.19b bridge loan for CBK hydro acquisition

The funding consists of two separate PHP35b facilities from the participating banks.

The Aboitiz-led Thunder Consortium has secured bridge loan facilities, enabling it to access up to $1.19b (PHP70b) to partially finance its acquisition of the Caliraya-Botocan-Kalayaan Hydroelectric Power Plant Complex in the Philippines.

In a bourse filing, Aboitiz Power Corporation stated that it was informed by its wholly-owned subsidiary, Aboitiz Renewables, Inc. (ARI), that the Thunder Consortium, comprising ARI, Sumitomo Corporation, and Electric Power Development Co., Ltd., had secured a loan from BDO Unibank and Metropolitan Bank and Trust Company.

This development allows the Thunder Consortium to draw up to $595m (PHP35b) from each bank.

ARI represents Aboitiz Power’s investments and interests in various renewable energy projects, including geothermal, large hydro, run-of-river hydro, wind, battery energy storage systems, and solar projects.

PHP1 = $0.017