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First Gen Corporation (“First Gen”), through its wholly-owned subsidiary, First Gas
Power Corporation (“First Gas”), which owns and operates the 1,000 MW Santa Rita
natural gas-fired combined cycle power plant, signed today a US$500 million 7-year
term loan facility with six (6) banks; namely, Bank of Commerce, Bank of the Philippine
Islands, BDO Unibank, Inc., Philippine National Bank, Security Bank Corporation, and
Sumitomo Mitsui Banking Corporation Singapore Branch. The proceeds of the loan will
be used to repay the amounts due on First Gas’ existing debt of approximately US$243
million. Thereafter, the net proceeds of the refinancing will be used to pay down a
portion of First Gen’s existing loans, as well as pre-fund its upcoming maturities.
“The US$500 million debt facility 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 twenty years ago and it has since reached even greater heights. The
natural gas platform now stands at 2,011 MW and we are working hard to deliver the
country’s first LNG Terminal, as well as more natural gas-fired 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.” Francis Giles B. Puno, President and
COO of First Gen said.
First Gen, through its subsidiaries, is the largest producer of natural gas-fired power in
the Philippines where all of its natural-gas fired plants are located in the First Gen Clean
Energy Complex in Batangas City. First Gas’ Santa Rita is one of First Gen’s four (4)
natural gas-fired power plants operating today: the 1000-MW Santa Rita, the 500-MW
San Lorenzo, as well as the newly operating 97-MW Avion peaking and 414-MW San
Gabriel mid-merit power plants. Aside from its natural gas portfolio, First Gen is the
largest shareholder in Energy Development Corporation (EDC) which owns and
operates geothermal, wind, hydro and solar power plants in the country. As of today,
First Gen has a total installed capacity of 3,471 MW accounting for approximately 21%
of the country’s gross generation.
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