San Lorenzo Power Plant

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First Gas Holdings (FGH) was awarded the contract to build, own and operate the 500 MW gas-fired combined cycle power plant. FGP Corp. was incorporated as the project company to finance and operate the power plant. FGP Corp. was 60% owned by First Gen Corporation, a 55% owned subsidiary of First Philippine Holdings, and 40% owned by the BG Group. As a result, First Philippine Holdings had a 33% indirect share in FGP Corp. In May 2012, BG Group solds its 40% equity stake to First Gen, making First Gen 100% owner. Financial closure for the US$ 500 million project was achieved in Feb. 2000. A US$ 375 million non-recourse project financing will be provided by a syndicate of international banks, while the remaining costs will be financed with the sponsors own resources. Debt was provided by KfW as well as a commercial bank syndicate. Power from the plant will be sold to the state-owned company Meralco through a 25-year power purchase agreement. Construction works began in Mar. 2000 and commercial operations commercial operations began in October 2002. The EPC contract was awarded to Siemens, providing equipment including two V84.3 gas turbines and steam turbines. Source: Platt Project Tracker May 2012