First Gen subsidiary secures $262.23m loan

The unit is operating a hydroelectric power plant.

First Gen Corporation has announced that its wholly owned subsidiary has secured a $262.23m (PHP 15b) loan from various banks.

In a bourse filing, the company said Fresh River Lakes Corp., owner and operator of the 165 megawatt Casecnan hydroelectric power plant located in Nueva Ecija, signed loan agreements each with BDO Unibank, Inc., Bank of the Philippine Islands, and Rizal Commercial Banking Corporation.

The loan facilities will be utilised for FRLC’s general corporate requirements.

“This latest financing will further strengthen our ability to continue delivering a competitive and dependable portfolio of clean energy to the nation,” said First Gen Chief Financial Officer Emmanuel Singson.

$1 = PHP57.20

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