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In this photo (from L-R): GTR CEO Rupert Sayer; Maybank London General Manager Nik Farid Mohamed; Maybank London Head of Corporate Banking/Client Coverage Ismail Haron; GTR Managing Director Peter Gubbins
Maybank Philippines, Inc. (MPI), along with other foreign and local banks, was recognized at the recently held Global Trade Review Award 2014 for being a key participant in financing Energy Development Corp.'s award winning 150-megawatt Burgos Wind Project.
"The award would not have been possible without the hard work and perseverance of our Client Coverage and Corporate Banking Teams," said Mr. Manuel A. Castaneda, MPI SVP and Head of Global Banking Group.
MPI's key participation in the project allowed it to bag the Best Project Finance Deal Award for 2014 from UK-based Global Trade Review, which is one of the leading news source for global trade, commodity, export, and supply chain finance industries.
The Burgos wind project (BWP)-- which is the Lopez Group's first venture into wind energy -- is the largest wind farm in the country. It has the capability to generate about 370 gigawatt-hours (GWh) of electricity every year. EDC invested a total of USD450 million for BWP, of which $315 million was funded by a syndicated loan agreement with domestic and international banks, including MPI. The loan facility with MPI was signed in October 2014.
The project is scheduled to start operations early this year, generating 370GWh of electricity to approximately 2 million households in the Philippines and avoiding 200,000 tonnes of carbon emissions annually. The complex structure of the financing is expected to serve as a template for future renewables projects in the country.
"Our Global Banking Team will continue to pursue and participate in big financing deals, particularly those that will have a sustainable impact to the Philippine economy," Mr. Castaneda said.
About the Award: Best Finance Deal Award
There were only 14 shortlisted submissions for the award. The winners were identified based on the transaction's amount, complexity of structure and market risk, and the trend that transpired through this year's submissions was one of safety.
The 14 deals that stood out include large-ticket syndicated project financings in the power and renewables sectors, oil and gas refining plants, and innovative use of collateral in agri transactions, according to Global Trade Review.