EWC Secures Financing for Philippines LNG Terminal

Energy World Corporation said that it has now agreed a mandate and term sheet with the Development Bank of the Philippines (DBP) for project financing of its Philippines LNG Hub Terminal and Power Station.

The mandate and term sheet with DBP were signed in Manila on 28 February.

The value of the project debt is equivalent to approximately US$550 million. DBP will partially underwrite this financing and arrange for syndication amongst local lenders.

Stewart Elliott, CEO and Chairman of EWC said, “We are extremely pleased to announce this important financing milestone for our Philippines Projects, which represents a strong statement of support for EWC’s strategy to bring clean and green energy to Asia by one of the Philippines’ leading financial institutions. We look forward to working in close cooperation with the Development Bank of the Philippines and other local and international lenders in finalising this project financing transaction in the coming months.”

As previously announced, Standard Chartered Bank have been appointed as financial advisors to the company in respect of the project financing for its Philippine projects.