P7-B funding FG Hydro green energy thrust
Hydroelectric plants play a crucial role in our country’s energy security and decarbonization goals.
(File Photo)
Photo courtesy of First Gen Corp.
First Gen Hydro Power Corp. (FG Hydro), a subsidiary of First Gen Corp. (FGen), secured a P7-billion loan from BDO Unibank Inc. (BDO), Bank of the Philippine Islands (BPI), and Rizal Commercial Banking Corp. (RCBC).
FGen disclosed in a stock exchange filing on Friday that the loan will bankroll FG Hydro’s general corporate requirements.
FG Hydro owns and operates the 132-megawatt 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,” FGen chief financial officer Emmanuel Singson said.
“We are very grateful for the continued trust and support of our partner banks BDO, BPI and RCBC,” he added.
Earlier this year, FGen signified its intention to develop solar and wind farms as well as a battery energy storage system around its hydroelectric power plant complex in Pantabangan, Nueva Ecija to further expand its clean energy portfolio.