PHILIPPINE DAILY INQUIRER: FPHC pours P5.3B in power subsidiary
August 14, 2009

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.

FPHC chief information officer Francis Giles B. Puno told the Philippine Stock Exchange that the deposit would support First Gen’s capital raising efforts.

“FPH intends to maintain its major ownership position in this core investment,” Giles said.

In a separate disclosure, First Gen meanwhile said it had received the P5.3-billion deposit from its parent company.

First Gen explained that the cash infusion from the Lopez-led FPHC is in support of the company’s ongoing recapitalization efforts.

First Gen is currently the largest vertically integrated power generation company in the Philippines, with an installed capacity of 2,582 MW. It accounts for approximately 17 percent of total installed capacity in the country.

Through its acquisition of Energy Development Corp., First Gen expects to generate an additional capacity of 406 megawatts (MW) from eight geothermal and wind projects currently on the pipeline over the next few years.

The company’s lone wind power project is the 86-MW Burgos wind farm in Ilocos Norte, which is expected to go on-stream early next year.



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