A subsidiary of First Gen Corp has secured $308 million through six-year term loan facilities with local and foreign banks to repay its existing debt, its parent company has confirmed.
FGP Corp, which owns and operates the 500-megawatt (MW) San Lorenzo natural gas-fired combined cycle plant in Batangas City, borrowed the money from four banks – Bank of the Philippine Islands, BDO Unibank Inc, Philippine National Bank and Sumitomo Mitsui Banking Corp-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,” First Gen said in a regulatory filing.
The firm added that the wholly owned unit plans to draw on the balance of the loan in the next 12 months to pay its upcoming projects in advance.
First Gen president and chief operating officer Francis Giles B Puno said in a statement: “We are honoured and grateful that our lenders continue to be supportive of our endeavours to deliver clean and cost-efficient power to Filipinos.”
The company is currently working to build the Philippines’ first interim offshore liquefied natural gas (LNG) terminal, and more natural gas plants. The firm’s natural gas portfolio currently stands at 2,017 MW.
It has 3,495 MW of installed capacity in its portfolio, accounting for 19 percent of the country’s gross generation.
For more information visit www.firstgen.com.ph
