Capital Follows a Credible Curve.
A phased investment structure — from market formation through full hub build-out — designed to match capital deployment to de-risked milestones and attract the full spectrum of development finance.
Phase-by-Phase Investment Schedule
Regulatory approvals, contract standardization, ERC open-access framework, and initial trading infrastructure. Establishes the Batangas DES interim delivery point and launches the forward curve.
- →Private equity / sponsor equity
- →Strategic advisory capital
- ✓ERC open-access ruling
- ✓First standardized contract traded
- ✓Batangas DES delivery point active
- ✓Forward curve published
Indicative Capital Structure
Illustrative for Phase 1. Actual structure subject to project finance advisory and lender negotiation.
DFI participation (DFC, EXIM, ADB) in the senior debt tranche provides political risk coverage and enables commercial bank co-financing at Phase 2 and beyond. The 20–25% sponsor equity requirement is consistent with project finance norms for energy infrastructure.
Mezzanine / subordinated debt provides return enhancement for infrastructure funds and family offices seeking yield above senior debt without full equity exposure.
Development Finance Eligibility
The project is structured to qualify for the full stack of U.S. and multilateral development finance — reducing cost of capital and providing political risk coverage for private co-investors.
- ·Senior debt
- ·Equity co-investment
- ·Political risk insurance
Qualifies under DFC's energy security and Indo-Pacific infrastructure mandates. U.S. LNG supply chain and Philippine strategic alignment satisfy geographic and policy criteria.
Up to $1B per project; portfolio exposure up to $60B globally
- ·Direct loans
- ·Loan guarantees
- ·Working capital guarantees
U.S. content in FSRU, turbines, compressors, and pipeline equipment supports EXIM financing. Make More in America initiative prioritizes LNG infrastructure.
No statutory cap on individual transactions; multi-billion transactions precedented
- ·Project finance loans
- ·Partial credit guarantees
- ·Co-financing
Philippines is an ADB member country. Energy security and transition infrastructure qualify under ADB's Energy Policy. ADB has financed Philippine power and gas projects.
Typically $200M–$500M per project; larger with co-financing
- ·Untied loans
- ·Equity participation
- ·Guarantee
Japan is a major LNG buyer and has strategic interest in Philippine energy security. JBIC has financed LNG infrastructure across Southeast Asia.
Multi-billion capacity; precedent in regional LNG projects
- ·Senior secured debt
- ·Revolving credit
- ·Bridge financing
Phase 1 de-risking through DFI participation enables commercial bank syndication at Phase 2 and beyond. Standard project finance structure with DSCR covenants.
Sized to project cash flows; $2–5B tranches precedented in regional LNG
Risk Mitigation Framework
| Risk | Mitigation |
|---|---|
| Regulatory / permitting | Phase 0 dedicated to ERC framework and SBMA approvals before capital deployment |
| LNG supply price risk | Forward curve hedging available at multiple delivery points |
| Offtake / demand risk | Phase 1 sized to existing Luzon power demand deficit; 2.4 GW contracted before construction |
| Construction / completion | FSRU lease structure reduces construction risk; phased pipeline build follows proven routes |
| Political / sovereign risk | DFC and EXIM political risk insurance; U.S.–Philippine Mutual Defense Treaty alignment |
| Currency risk | USD-denominated contracts and debt; Philippine peso offtake hedged through forward market |
Request the full financial model.
The executive briefing includes detailed phase economics, financing term sheets, and DFI engagement roadmap.