Standard Chartered approves $145m loan facility for BW Batangas

The Batangas-based floating storage regasification unit pushes for the Philippines’ LNG goals.

Standard Chartered has finalised a $145m senior secured term loan facility for the floating storage regasification unit (FSRU) BW Batangas.

Located in the city of Batangas, the FSRU will serve as an important component in the energy resilience and security of the Interim Offshore LNG Terminal of renewable energy company First Gen. It will also help propel the country’s ambitious LNG goals.

BW Batangas is operated by the maritime company BW Group, who has expanded interests in the sectors of shipping, floating infrastructure, deepwater oil and gas production, as well as plans for renewable energy and sustainable technologies.

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Simultaneously, Standard Chartered acted in the coordination and syndicated financing of the project with four lenders, taking up the roles of lead arranger and lender.

“The success of the facility not only demonstrates our strong credit offering and capabilities, it also aligns with the Bank’s commitment to direct capital to areas that can help drive sustainable development in energy, storage and transportation infrastructure across ASEAN markets,” Abhishek Pandey, global head of transportation finance of Standard Chartered, stated.