Team Energy (TEPCO-Marubeni) in Philippine Power

Team Energy (formerly Crimson Holdings), the 50:50 joint venture of TEPCO-Marubeni, is one of the largest IPPs in the Philippines, with over 2,000MW of installed generating capacity, or 14% of the total. TeaM Energy owns and operates two coal-fired facilities (1,294MW Sual and 728MW Pagbilao) in Luzon, the northernmost and largest of the three island groups that constitute the Philippines, with ECA contracts expiring in 2024-2025. It also own a 20% stake in the 1,270- MW Ilijan natural gas-fired plant in Batangas. In June 2007, Japan Bank for International Cooperation (JBIC) provided a loan of up to US$2.7B and a political risk guarantee to Crimson Power to support its acquisition of Mirant’s assets (100% stake in Sual and Pagbilao, 20% equity in Ilijan). In 1993, Asian Development Bank (ADB) provided a package of US$40M loan and US$10M equity investment to Mirant Pagbilao Corp; other co-financiers included Japan Export Import Bank, US Export Import Bank.

San Roque Power-Philippines (Marubeni-Kansai Electric)

The San Roque Power Corp (SRPC) is responsible for the operations and maintenance of 345MW San Roque multipurpose hydro for 25 years effective May 2003. NPC had been responsible for constructing an 8 km-long, 230 kV transmission line to the site. San Roque hydro, a peaking power plant which operates at a dependable capacity of 85 MW. It is located in Pangasinan, nearly 200 km north of Manila. SPRC, a special purpose company formed by Sithe Philippines Holdings Inc (50%), Marubeni Corp (42.5%), and KPIC Singapore Pte Ltd, a subsidiary of Kansai Electric Power Company (7.5%). SRPC is now owned by Marubeni (75%) and Kansai Electric (25%). The $1.2B San Roque Multipurpose Hydro will also irrigate an additional 80,000 hectares of ricefields on the Lower Agno River Basin in three Northeren Luzon provinces, help reduce flooding downstream of the river and improve water quality by trapping suspended mine tailings.

Philippine power privatization 8 years hence

Eight years after the enactment of EPIRA, there has been no effective solution to the problems, old and new, that beset the country’s power industry – e.g., electricity prices continue to soar making the cost of electricity among the highest in Asia; new middlemen, e.g, in guise of IPPAs, will further jack-up prices; NPC/government continues to provide guarantees to new players, e.g., guaranteed markets, fuel subsidies; crippling debt burden; a new era of ‘cross-ownership’ risking ‘sweetheart deals’ among distribution utilities and sister IPPs; ‘uncompetitive market behavior’ in the new electricity market; dismantling of NPC (now down to 20% of the national power grid); increasing exposure of Japanese, Korean, and Chinese state-run utilities in the strategic power sector; shift of power infrastructure financing from public to private sector; violations of trade union rights and unresolved labor issues and that threaten industrial peace and a stable electricity supply. Fundamentally, EPIRA simply transfers the monopoly privileges from the state to ‘unbundled’ interests, both domestic and foreign and not necessarily private, and thus allowing the ‘gains’ to be kept as excess (private) profits and a large percentage plowed overseas, instead of being shared with the consumers and taxpayers through lower electricity rates and a reduced debt burden.

Intl Power completes financing for Fujairah F2 IWPP

International Power completes financing for the Fujairah F2 IWPP, UAE (London – 18 December 2007) -- International Power plc is pleased to announce that, together with project partners the Abu Dhabi Water and Electricity Authority (ADWEA) and Marubeni Corporation of Japan, it has successfully completed the financing for the 2,000 MW, 130 MIGD Fujairah F2 IWPP in the UAE. The plant will be owned by the Fujairah Asia Power Company (FAPCO) in which International Power has a 20% equity interest, with 60% held by ADWEA and 20% by Marubeni. The facility will be operated by a 50:50 joint venture between International Power and Marubeni.

Japan-Indonesia energy deals

Indonesia and Japan sign energy deals - 21-08-07. To coincide with the signing of the economic partnership agreement (EPA) between Indonesia and Japan, firms from both countries have signed off on energy deals worth a total of $ 6.13 bn in value. Over half the agreements were made in a signing witnessed by President Susilo Bambang Yudhoyono and visiting Japanese Prime Minister Shinzo Abe, which saw a number of Indonesian and Japanese companies sign agreements on four energy projects worth $ 3.97 bn in total investment. One such project will see Japan's Mitsubishi carry out engineering, procurement and construction (EPC) of a 500 MW combined cycle power plant in Cilegon, West Java, to be built by state-run electricity company PLN. The project will cost around $ 345 mm.

JBIC loan to Taweelah B Power and Desalination Project in UAE

Project Financing for Taweelah B Power and Desalination Project in UAE, First Financial Support by JBIC to Country's Large Infrastructure Project (April 26, 2005)

JBIC loan to Hai Phong Thermal Power (Vietnam)

Supporting Japanese Firm's Exports of Power Facilities to Vietnam, First Export Loan to Electricity of Vietnam (November 15, 2005) - 1. Japan Bank for International Cooperation (JBIC; Governor: Kyosuke Shinozawa) signed today a loan agreement totaling 7.7 billion yen with the Electricity of Vietnam (EVN), a cooperation in the Socialist Republic in Vietnam, with a guarantee provided by the Government of Vietnam. The loan was cofinanced with Mizuho Corporate Bank (agent bank) and Société Générale, Tokyo branch. 2.

JBIC loan to Vietnam Electricity (EVN)

JBIC Signs Loan Agreement with Vietnam Electricity Export Credit Agencies in Japan and China jointly supporting Japan and China Consortium (March 29, 2007) - 1. Japan Bank for International Cooperation (JBIC; Governor: Kyosuke Shinozawa) signed a loan agreement on March 28 on buyer's credit totaling up to 7.3 billion yen with Vietnam Electricity (EVN), a corporation in the Socialist Republic of Vietnam. The loan was cofinanced with Mizuho Corporate Bank (agent bank) and Société Générale , Tokyo Branch. 2.

JBIC loan for Power Generation Project in Qatar

JBIC Signs Loan Agreement for Power Generation Project in Qatar, Supporting Japanese Firm's Overseas IPP Project and strengthening the relationship with the State of Qatar (April 27, 2007) - 1. Japan Bank for International Cooperation (JBIC; Governor: Kyosuke Shinozawa) signed on April 26th a loan agreement totaling up to US$836 million with Mesaieed Power Company Ltd. (MPCL) established in Qatar. The loan, co-financed with private financial institutions, was provided for financing the Mesaieed A Independent Power Producer[1] Project on the project finance[2] basis. This is the first project finance loan JBIC has extended to an infrastructure project in Qatar.

JBIC loan to Fujairah F2 Power and Desalination Project in UAE

JBIC Signs Finance Documents for the Fujairah F2 Power and Desalination Project in the UAE; Support for Japanese Company's Overseas IWPP Project Helps Building Multi-Layered Economic Relations with Resource-Endowed Countries (December 18, 2007) - 1. Japan Bank for International Cooperation (JBIC; Governor: Koji Tanami) signed on December 17 finance documents with Abu Dhabi Water & Electricity Authority(ADWEA) and Marubeni Corp. regarding a loan for the Fujairah F2 Power and Desalination Project. The signing ceremony took place, graced by the attendance of H.H. Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Force, and Prime Minister Yasuo Fukuda. The loan totaling up to approximately US$1,336 million on the part of JBIC, provided on a project finance basis,*1 was co-financed with financial institutions including Sumitomo Mitsui Banking Corporation (SMBC). This is the first project finance loan for JBIC in the Emirate of Fujairah, a constituting member of the UAE.*2

JBIC loan to TEPCO-Marubeni consortium to acquire Mirant IPPs in Philippines

Project Finance Loan and Political Risk Guarantee for Philippines' Power Project Portfolio Acquisition Supporting Japanese Companies for Acquisition of Interests in Existing IPP Projects (June 7, 2007) - 1. Japan Bank for International Cooperation (JBIC; Governor: Kyosuke Shinozawa) signed today a loan agreement totaling up to US$2,700 million with CrimsonPower Holdings Company, Inc. (CPHI) in the Philippines. The loan, provided in project financing,*1 was cofinanced with Sumitomo Mitsui Banking Corporation (SMBC) and Mizuho Corporate Bank. JBIC also provided a political risk guarantee for the cofinanced portion. CPHI was set up by the Tokyo Electric Power Company, Incorporated (TEPCO) and Marubeni Corporation (Marubeni), with both companies having equal equity stakes in it.

JBIC loan to Marubeni consortium to acquire Singapore’s largest genco (Temasek)

Sep 5, 2008 - The consortium comprised of Marubeni Corporation (30%), GDF Suez S.A. (30%), Kansai Electric Power Co., Inc. (15%), Kyushu Electric Power Co., Inc. (15%) and Japan Bank for International Cooperation (10%) has reached agreement with Temasek Holdings (Private) Limited to acquire all the shares of Senoko Power Limited (“SPL”) . SPL is located in the Northern part of Singapore, and is the largest power generation company in the country. SPL owns and operates total generation capacity of 3,300MW, which constitutes about 32% of installed generation capacity in Singapore. Electricity generated by SPL is mainly supplied to customers through its wholly owned retail providers. By participation to this acquisition, the Consortium will gain stable profit through electricity sales in Singapore, a worthwhile market as a foundation of overseas projects in Asia, and where expansion of electricity demand accordingly with stable economic growth is continuously expected. Furthermore, by providing electricity supply after the acquisition, and by energy streamlining through the repowering operation, this acquisition would be a foothold for each of the private enterprises to further develop overseas investment business, together with contributing to the development of power project as an essential infrastructure in the country.

Syndicate content