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Tuesday, October 12, 2004
Veterans Bank finances Capiz power plant rehab
PHILIPPINE Veterans Bank (PVB) has granted a P155-million five-year term loan facility to rehabilitate a power plant in Capiz under a Rehabilitate-Operate-Transfer (ROT) project, it announced in a statement.
The project is expected to resolve the looming power shortage in the Island of Panay, enough to cover Capiz’s 472 barangays including Roxas City.
Enervantage Suppliers Co. Inc. will rehabilitate the existing power plant of Capiz Electric Cooperative Inc. (Capelco) in Panit-an, Capiz; operate it for 25 years, with the option of renewal, then eventually transfer it back to Capelco.
Enervantage is a special project company jointly owned by TG Property Inc. and Applied Research Technologies Inc. (Artech).
Artech, which has an existing 25-year power purchase agreement (PPA) with Capelco, will assign all its rights and obligations under the PPA to Enervantage.
TG Property Inc., part of the Tanco Group, owns 70 percent of Enervantage.
PVB president and chief executive officer Ricardo A. Balbido Jr. said: “PVB has always been keen on developing partnerships that would spur economic activity and growth in the countryside.”
PVB also recently granted a P30-million bond flotation for the City Government of Calatagan, Batangas to finance its new public market.
PVB is a private commercial bank owned by 300,000 World War 2 veterans and their heirs. Twenty percent of its profit goes to programs for veterans and their families.
(October 12, 2004 issue)
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