First Gen says unit Prime Meridian inks P2.8 billion loan from BPI, ING


Posted at Dec 02 2021 10:18 AM | Updated as of Dec 02 2021 02:46 PM

MANILA— First Gen Corp on Thursday said its unit Prime Meridian Powergen Corp signed P2.8-billion 3-year loan facilities with the Bank of the Philippine Islands and ING Bank Manila.

The proceeds from the loans will fund general and corporate working capital requirements of PMPC, First Gen told the stock exchange.

Prime Meridian owns and operates the 97-MW 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," First Gen president and COO Francis Giles Puno said.

"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," he said.

Puno added that the combined total is "testimony" to the strong support and confidence of the lenders in First Gen's natural-gas business.

First Gen said its natural gas platform now stands at 2,017 MW while its total installed capacity in its portfolio is at 3,495 MW. First Gen is also working on the country's first interim offshore LNG terminal project.

First Gen is a subsidiary of First Philippine Holdings Corp. First Gen and are under the Lopez Group of companies.


Watch more on iWantTFC