First Gen Corp. through its wholly owned subsidiary Prime Meridian Powergen Corp. (PMPC) signed a P2.8 -billion three-year term loan facilities with Bank of the Philippine Islands and ING Bank N.V. Manila Branch.
In a disclosure to the Philippine Stock Exchange, First Gen said proceeds of the loans will be primarily used to fund the general and corporate working capital requirements of PMPC which owns and operates the 97 megawatts (MW) Avion dual-fired open-cycle gas turbine power plant.
First Gen president and chief operating officer, Francis Giles Puno, said that it is PMPC’s first term loan which signifies the project’s “strong and stable cash flows since starting operations in 2016.”
Puno added First Gen through its subsidiaries, continues investments in the natural gas sector including the interim offshore liquefied natural gas terminal as well as additional natural gas-fired power plants. – Jed Macapagal
