MANILA, Philippines - EastWest Bank on Wednesday said it signed a $50-million loan agreement with independent power producer TeaM Energy Corp.
TeaM Energy will use the $50-million loan to settle its existing credit with PPF Co. B.V. (formerly Nomura Philippines Power Funding Co. B.V.).
Team Energy operates power plants in Sual, Pangasinan; Pagbilao, Quezon and Ilijan, Batangas. It is a partnership between Japanese firms Tokyo Electric Power Company and Marubeni Corporation.
In a statement, EastWest said the loan represents the bank's commitment to help sectors that drive the economy's growth, such as energy development.
EastWest, a subsidiary of the Gotianun family-led Filinvest Development Corporation, listed on the stock exchange earlier this year.