SyCipLaw acted as local counsel to DBS Bank Ltd., Mizuho Bank, Ltd. and Standard Chartered Bank, the structuring banks in the US$400 million Project Financing of a new 300MW coal-fired power plant in Limay, Bataan of SMC Consolidated Power Corp. The lenders to the project financing, in addition to the structuring banks were Bank of Commerce, Bank of Tokyo-Mitsubishi UFJ, CTBC Bank Co. Ltd., Maybank International (Labuan Branch), Maybank Philippines, Inc., Siemens Bank GMBH (London Branch), INTESA San Paolo S.p.a. (Hong Kong Branch). The project financing was recognized as Best Power Deal in the Asia-Pacific Region in the 2015 IJ Global Awards.
SMC Consolidated Power Corp. is a wholly-owned subsidiary of San Miguel Corporation through SMC Global Power Holdings Corp. The San Miguel group is currently expanding its power generation portfolio with several projects being advanced into construction phases across grids. This project is the first of three 300MW power plants, which will share certain facilities and be operated by a single O&M Contractor.
The SyCipLaw team was composed of partners Simeon Ken R. Ferrer, Hector M. de Leon, Jr. and Angel M. Salita, Jr. with senior associates John Paul V. de Leon and Bhong Paulo A. Macasaet, and Maria Luisa D. Manalaysay-Sabornay and Levi Anthony B. Malaylay as associates.