First Gen

PHILIPPINE STAR: First Gen, Aboitiz, SMC keen on Ilijan power plant
January 30, 2010

Three of the biggest players in the country’s power sector — First Gen Corp. of the Lopez Group, Aboitiz Power Corp. (APC) — of the Aboitiz family and San Miguel Energy Corp. have all expressed interest to bid for the contracted capacity of the 1,200-megawatt Ilijan combined-cycle power plant.

Lopez-owned First Gen Corp. has used up over half, or P7.87 billion, of the P14.9-billion proceeds from its rights offering to pay off debts.

First Gen Corp., the power generation unit of the Lopez Group, has set the listing of its P15-billion rights offer on Jan. 22, 2010.

Protection from climate change's wrath, a cleaner air, and an alternative livelihood source are among the greatest benefits that energy firm First Gas Power Corp. (FGPC) is seeing in its mangrove reforestation.

LOPEZ-LED FIRST GEN CORP. has filed an application with the Philippine Stock Exchange to list 405 million shares of common stock, which will be issued to cover the 50 percent stock dividend.

Green Core Geothermal Inc., a wholly-owned unit of Lopez-controlled Energy Development Corp. (EDC), won yesterday’s auction for the Palinpinon-Tongonan geothermal power plant package, the Power Sector Assets and Liabilities Management Corp. (PSALM) said.

First Gen Corp., the power generation arm of the Lopezes, is planning to use the P5.3 billion infusion from its mother firm, First Philippine Holdings Corp. (FPHC), to trim down its debt.

Publicly listed First Philippine Holdings Corp. yesterday made a P5.3-billion deposit for future stock subscriptions in its power generation subsidiary, First Gen Corp.

The Lopez Group is keeping its remaining 13.4 percent stake in Manila Electric Co. (Meralco) at the moment and has not offered its holdings to any group amid reports of a continuing battle for control over the country’s largest power distribution firm.

>> Read more

BUSINESSWORLD: EDC to hike capital
July 24, 2009

THE SECURITIES and Exchange Commission (SEC) has approved listed Energy Development Corp.’s (EDC) removal of stockholders’ right to subscribe to the firm’s capital hike, paving the way for the company’s plan to double its authorized capital to P30.15 billion.

>> Read more