Development Bank of Philippines to Fund Energy World Corp's LNG Terminal Project

Energy World Corp has announced that state-owned Development Bank of the Philippines (DBP) has agreed to finance the LNG terminal project and the 600-megawatt power plant that the company plans to build in Pagbilao, Quezon.

“The value of the project debt is equivalent to approximately $550 million. DBP will partially underwrite this financing and arrange for syndication amongst local lenders,” Energy World Corp said.

First phase of LNG terminal development would involve a 130,000-cubic meter storage tank, regasification facility, jetty, and supporting infrastructure. Phase two will include an additional 130,000-cubic meter LNG storage tank.

Terminal will act as a hub for onward distribution of LNG throughout the Philippines.

“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,” Energy World chairman and chief executive Stewart Elliott said.

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