LSML's wholly-owned Philippine subsidiaries, BG Consolidated Holdings (Philippines), Inc. and BG Philippines Holdings, Inc., own 40% of the outstanding capital stock of First Gas Holdings Corporation ("FGHC"), FGP Corp. ("FGP") and First NatGas Power Corporation ("FNPC") (collectively, the "First Gas Projects"). FGHC's wholly-owned subsidiary, First Gas Power Corporation, owns and operates the 1,000 MW combined cycle Santa Rita natural gas-fired power plant, while FGP owns and operates the 500 MW combined cycle San Lorenzo natural gas-fired power plant. FNPC is the corporate vehicle for the development of the San Gabriel power plant project. The parties signed the SPA and achieved completion of the transaction on May 30, 2012.
Following the acquisition of LSML, First Gen will beneficially own 100% of the Santa Rita and San Lorenzo power projects. The net consideration paid by BVHC to BGAPH for the 40% equity interests in the First Gas Projects owned by LSML is US$360 Million. The purchase was funded with the proceeds of the recently-issued Php10.0 billion Series "G" Perpetual Preferred Shares of First Gen, loans and internal cash.
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