In May 2021, FGP Corp. (FGP), a wholly-owned subsidiary of First Gen Corporation (First Gen) entered into several bilateral loan agreements for a total amount of US$ 308 million with four banks namely: BDO Unibank, Inc., Bank of the Philippine Islands, Philippine National Bank and Sumitomo Mitsui Banking Corporation Singapore Branch. The proceeds from the loans were used primarily to repay the amounts due on FGP’s existing debt and to pre-fund First Gen’s upcoming growth projects. FGP owns and operates the 500-MW San Lorenzo natural gas-fired combined cycle power plant in Batangas City, Philippines.
The PunoLaw finance team was led by Senior Partner Minette Santos included Junior Partners Debbie Acosta-Cajustin and Migs Balein, Senior Associate Kim Magtoto and Junior Associate Kai Lopez.