Prime Meridian Powergen Corp. (PMPC), a unit of First Gen Corp., has entered into agreements with lenders for a three-year term loan facility amounting to a total of P2.8 billion.
Bank of the Philippine Islands and ING Bank N.V. Manila Branch are the lenders, according to a regulatory filing by First Gen.
The loans will be largely used to support the general and corporate working capital requirements of PMPC, which owns and
operates the 97 megawatt Avion dual-fired open-cycle gas turbine power plant.
“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 Php2.8 billion is a testimony
to the strong support and continuing confidence of our lenders in First Gen’s natural-gas business,” said Francis Giles B. Puno, First Gen president and COO.
FGen 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.
The company is building the country’s first interimoffshore LNG terminal project, as well as additional natural gas-fired power plants.
First Gen is a leading independent power producer in the Philippines that primarily utilizes clean and indigenous fuels such as natural gas, geothermal energy from steam, hydro-electric, wind, and solar
It has 3,495 MW of installed capacity in its portfolio, which accounts for 19% of the country’s net generation.