First Gen Corp secures US$308mn refinancing for 500 MW San Lorenzo natural gas-fired CCGT in Batangas City

FGP Corp., the subsidiary of First Gen Corporation, has secured a US$308 million that will mature in six years with local and foreign banks to repay its existing debt. 

The loan facility will be used to refinance the 500-megawatt (MW) San Lorenzo natural gas-fired combined-cycle plant developed in Batangas City. The power plant consists of a Siemens GUD.1S.3A model gas turbine, a steam turbine, and a horizontal heat recovery boiler (HRSG) in each power generation unit. Each of the two power generation units has a single-shaft configuration. The project has been in operation since October 2002. 

First Gen closed the refinancing deal with the Bank of the Philippine Islands, BDO Unibank, Inc., Philippine National Bank, and Sumitomo Mitsui Banking Corp.-Singapore Branch.