PacificLight secures CCGT loan
PacificLight Power has secured the financing for a new 670MW hydrogen-ready H-class combined cycle gas turbine (CCGT) plant. The final loan amount has not been disclosed but it is understood to have raised about S$750m (US$582m) split into two tranches of S$550m for construction and S$200m for general purposes. Tenor is 18 years. Total project cost is about S$1bn.
The loan facility is described as a green transition financing as the power plant is targeted to be 30% hydrogen-fuelled in the future, with the possibility of eventually transitioning fully to hydrogen power.
Lenders are DBS Bank, Maybank, OCBC, UOB, and the Singapore branches of National Bank of Kuwait, ING Bank, Bank of East Asia, China Citic Bank International, and Taipei Fubon Commercial Bank. Maybank and OCBC were the sustainability structuring advisers.
PacificLight was awarded by Energy Market Authority (EMA) in January this year the right to build, own, and operate a new hydrogen-ready CCGT generating unit with a capacity of at least 600MW.
The company has awarded the engineering, construction and procurement (EPC) contract to a consortium comprising Mitsubishi Power and Jurong Engineering. Construction is scheduled to start in early 2026 and operation is targeted to commence in 2029.
The sponsors are Hong Kong-based First Pacific Group and Philippines’ Meralco PowerGen.
