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Singapore Power said on Thursday that it has entered into a S$1.59 billion loan facility with six banks to fund its underground cable tunnel project announced on Sept 17.
The bank loans will finance part of the project costs, said SP.
The banks are: DBS Bank, Mizuho Corporate Bank, Oversea-Chinese Banking Corporation, Sumitomo Mitsui Banking Corporation, The Bank of Tokyo-Mitsubishi UFJ, and United Overseas Bank. DBS acted as its financial advisor.
\"Proceeds from the loan facility will be used to finance the development, construction and operation of the two cross-island cable tunnels,\" said SP.
