First Gen Corporation, through its wholly owned subsidiary Prime Meridian Powergen Corporation (PMPC), has signed a total of P2.8 billion three-year term loan facilities with Bank of the Philippine Islands and ING Bank N.V. Manila Branch.

The proceeds from the loans will be primarily used to fund the general and corporate working capital requirements of PMPC, which owns and operates the 97-megawatt (MW) Avion dual-fired open-cycle gas turbine power plant.

Giles Puno, president and COO of First Gen, said: “This is the first term loan of PMPC and it is reflective of the Avion power plant’s strong and stable cash flows since starting operations in 2016. The combined debt facilities totaling P2.8 billion 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 gasfired power plants. Today, we are honored and grateful that our lenders continue to be supportive of our endeavors to deliver clean and cost-efficient power to Filipinos.”