First Gen First Gen Corporation, through its wholly owned subsidiary FGP Corporation which owns and operates the 500-megawatt (MW) San Lorenzo natural gas-fired combined cycle power plant, has signed a total of $308 million six-year term loan facilities with the Bank of the Philippine Islands, BDO Unibank Inc., Philippine National Bank and Sumitomo Mitsui Banking Corporation Singapore Branch.
The proceeds from the initial drawdown on the loans will be primarily used to repay the amounts due on FGP’s existing debt of approximately $164 million. FGP intends to draw on the balance of the facilities in the next 12 months to prefund First Gen’s upcoming projects.
“The combined debt facilities totaling $308 million is a testimony to the strong support and continuing confidence of our lenders in First Gen’s natural gas business. First Gen pioneered this business about 24 years ago and it has since reached even greater heights. The natural gas platform now stands at 2,017 MW and we are working hard to deliver the country’s first interim offshore LNG terminal project as well as additional natural gas-fired power plants. …We are honored and grateful that our lenders continue to be supportive of our endeavors to deliver clean and cost-efficient power to Filipinos,” said Giles Puno, president and COO of First Gen.