Why First Gen?

 

The First Gen Clean Energy Complex In Batangas

A LEADING CLEAN, RENEWABLE, AND LOW CARBON POWER PRODUCER

First Gen Corporation (First Gen) owns and operates 30 power plants across Luzon, Visayas, and Mindanao with 3,492 megawatts (MW) of installed capacity, powering 21.3 percent (Based on DOE’s 2018 Power Statistics) of the Philippines’ gross generation in 2018.

The Company has a strong track record in developing, financing, building, bidding for, and operating power generation projects that have made First Gen into a leading Independent Power Producer (IPP) in the Philippines. First Gen currently has the largest clean and renewable power generation portfolio in the country that utilizes indigenous fuels. The Company continues to strengthen its core business to solidify its lead in producing low-carbon energy.

ROBUST CASH FLOW AND EARNINGS

The Company has an established track record of developing and operating projects that deliver robust and stable cash flow. From its earnings before interest, taxes, depreciation, and amortization (EBITDA) of USD 325.5 million in 2006 – the year the Company made its debut in the Philippine Stock Exchange (PSE), the Company has been continuously growing its EBITDA. This year, First Gen grew its EBITDA to USD 715.2 million.


DIVERSIFIED AND FLEXIBLE PORTFOLIO OF CLEAN AND RENEWABLE POWER PLANTS

First Gen has the largest portfolio of power plants that use clean, renewable, and indigenous fuels such as steam, water, wind, solar, and natural gas. The Company’s 65.0 percent-controlled, Energy Development Corporation (EDC), is the largest vertically-integrated geothermal company in the world.

The Company’s diversified and flexible portfolio of assets makes it well- positioned in addressing the growing demands of intermittent sources of energy as the world transitions to a clean energy future.

NATURAL GAS PIONEER

First Gen owns and operates four natural gas-fired power plants with a combined installed capacity of 2,017 MW, making it the largest off-taker of natural gas and producer of natural gas-fired power in the country. All four plants are located in the First Gen Clean Energy Complex in Batangas City.

GLOBAL EXPERT IN GEOTHERMAL POWER

In 2007, First Gen, through its subsidiary Red Vulcan Holdings Corporation, won the bid to acquire a 40.0 percent economic stake (60.0 percent voting stake) in the Philippine National Oil Company-Energy Development Corporation (PNOC-EDC), later renamed to Energy Development Corporation or EDC. EDC is a pioneer in the geothermal energy industry. In its four decades of proven business viability, EDC has developed some of the world’s pioneering and most complex steam fields. EDC is primarily engaged in the business of exploring, developing, operating, and utilizing geothermal energy and other indigenous renewable energy sources for electricity generation.

Today, EDC is a globally-renowned geothermal company operating 12 geothermal power plants in Bicol, Negros Oriental, Western Leyte, and Mindanao. The various geothermal plants have a combined installed capacity of 1,179.3 MW, making EDC the largest integrated geothermal power producer in the world.

A STRONG MAJORITY SHAREHOLDER

First Gen’s majority shareholder, First Philippine Holdings Corporation (FPH), is a 58-year old Philippine corporation that is among the oldest and largest conglomerates in the Philippines. The conglomerate has substantial investments in power generation and distribution, residential and commercial property development, and in an industrial park that houses world-class companies. The conglomerate likewise owns and operates subsidiaries that are involved in manufacturing, as well as construction and engineering services. Moreover, FPH is affiliated with ABS-CBN, the country’s leading information and entertainment multimedia conglomerate.

 

ESTABLISHED RELATIONSHIPS WITH WORLD-CLASS PARTNERS

In September 2017, First Gen’s strategic partnership with two of the world’s largest infrastructure investors: Macquarie Infrastructure and Real Assets (MIRA), and Arran Investment Pte Ltd (Arran) an affiliate of GIC Pte Ltd (GIC), was solidified with the consortium’s USD 1.3 billion investment in EDC. The partnership asserts their confidence in EDC’s renewable energy platform and in the Philippine power industry.

Through the development, construction, and operation of its portfolio of power plants, the Company has benefited from strong relationships with its world class project partners, such as Siemens AG, Shell, Vestas, and Andritz, among others.

A UNIQUE ENERGY SOLUTIONS PROVIDER

First Gen, through its wholly-owned subsidiary, First Gen Energy Solutions, Inc. (FGES) provides full-service energy solutions. Backed by First Gen’s portfolio of assets, FGES is the only Retail Electricity Supplier (RES) in the Philippines with a 100.0 percent clean and green portfolio. It offers the following benefits to its customers:

FGES holds an RES license and is a registered participant in the Wholesale Electricity Spot Market (WESM).