First Gen borrows P7 B to boost hydro unit

First Gen Corp. of the Lopez Group has secured P7 billion in financing from three local banks to fuel the operations of its hydropower business.

- By BRIX LELIS

First Gen, through its subsidiary First Gen Hydro Power Corp. (FG Hydro), recently signed separate loan agreements with BDO Unibank Inc., Bank of the Philippine Islands (BPI) and Rizal Commercial Banking Corp. (RCBC).

The multibillion-peso loan facilities will be utilized by FG Hydro to finance its general corporate requirements.

"This financing will enhance our capability to offer a competitive portfolio of clean energy to the nation. We are very grateful for the continued trust and support of our partner banks - BDO, BPI and RCBC," First Gen CFO Emmanuel Singson said.

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