In December 2021, Prime Meridian Powergen Corporation (Prime Meridian), a subsidiary of First Gen, executed loan agreements for a total amount of Php2.8 billion with Bank of the Philippine Islands and ING Bank N.V., Manila Branch. The loans will be used to finance the general corporate and working capital requirements of Prime Meridian, which owns and operates the 97-MW Avion dual-fired open-cycle gas turbine power plant in Batangas City, Philippines.
The PunoLaw finance team that negotiated for Prime Meridian was led by Senior Partner Minette Santos and included Senior Associate Kim Magtoto and Junior Associate Kai Lopez.