First Gen's hydro unit bags $119.13m loan

Three major banks provided the financing.

First Gen Corporation has announced the signing of loan agreements with three major Philippine banks for a total amount of $119.13m (PHP7b) which will be used to support its hydropower unit.

In a bourse filing, the company said the loans were granted by BDO Unibank, Inc., Bank of the Philippine Islands, and Rizal Commercial Banking Corporation. These will be utilised for First Gen Hydro Power Corporation’s (FG Hydro) general corporate requirements.

FG Hydro owns and operates the 132 megawatt (MW) Pantabangan-Masiway hydroelectric power plant located in Nueva Ecija.

“Hydroelectric plants play a crucial role in our country’s energy security and decarbonization goals. This financing will enhance our capability to offer a competitive portfolio of clean energy to the nation,” said First Gen CFO Emmanuel Singson.

$1 = PHP58.76