San Miguel Global Power Holdings Corp., the energy subsidiary of conglomerate San Miguel Corp. (SMC), has stepped in as sponsor and security grantor for a massive omnibus loan and security agreement worth up to ₱50 billion, benefiting its affiliate Mariveles Power Generation Corp.
In a regulatory disclosure to the Philippine Dealing and Exchange Corp. dated 14 April and made public on Tuesday, San Miguel Global Power confirmed its role in supporting the financing deal. The agreement is backed by a consortium of senior term lenders, including Asia United Bank Corp., Bank of Commerce, China Banking Corp., Development Bank of the Philippines, and Philippine National Bank, among others.
While specifics on the utilization of the loan proceeds were not disclosed, San Miguel Global Power said that further senior term loan financing arrangements may still be executed, signaling a broader financial strategy for power-related infrastructure.
Mariveles Power Generation Corp. owns and operates the 4 by 150-megawatt (MW) circulating fluidized bed coal-fired power facility in Bataan, a key asset in SMC’s growing energy portfolio.
The loan sponsorship further strengthens SMC’s position as the country’s dominant power producer. In March, the Energy Regulatory Commission (ERC) named SMC as the top player in terms of installed generating capacity (IGC) and market share nationwide. As of end-2024, SMC held a 22.44 percent share of the national grid’s IGC, equivalent to 6,079,606 kilowatts (kW), with a commanding 28.42 percent share in Luzon alone.
Under the Electric Power Industry Reform Act of 2001, no single entity or group is allowed to control more than 30 percent of a regional grid or more than 25 percent of national generating capacity — limits that SMC remains under, but continues to approach.
The financing agreement underscores San Miguel’s commitment to expanding its energy footprint while aligning with regulatory thresholds, as the Philippines continues to push for reliable, stable, and diversified power supply across the archipelago.
