Our Company
First Gen Corporation (First Gen) is the leading clean and renewable energy company in the Philippines with an installed capacity of 2,783 megawatts (MW). It accounts for approximately 18 percent of total installed capacity in the country today.
First Gen was incorporated in December 1998 to become the primary holding company for the power generation and energy-related businesses of the Lopez Group. First Philippine Holdings Corporation (FPHC), parent and controlling shareholder of First Gen, became involved in the power generation industry in 1993 through its first major investment in power generation, Bauang Private Power Corporation (BPPC).
On July 26, 2010, BPPC turned over its 225-MW diesel bunker power plant to the National Power Corporation / Power Sector Assets and Liabilities Management Corporation following the expiration of the 15-year Cooperation Period covering the project. The Bauang power plant was constructed pursuant to a Build - Operate - Transfer (BOT) Agreement executed by and among Napocor, BPPC and First Private Power Corporation (FPPC) in 1993. Located in Bauang, La Union, the plant is considered to be the largest bunker diesel power plant in the world, with a 235-MW (21 engines) installed capacity in a single location.
As of 2011, First Gen has a portfolio of 16 power generation plants that are predominantly contracted for sale under long-term power purchase agreements or other energy sales agreements. First Gen's power generation portfolios utilize indigenous fuels such as natural gas, water and geothermal steam.
The Company's interests, direct and indirect, consist of the following:
- A 60 percent equity interest in the 1,000-MW Santa Rita natural gas-fired combined cycle power plant;
- A 60 percent equity interest in the 500-MW San Lorenzo natural gas-fired combined cycle power plant;
-A 40 percent equity interest or a 68 percent effective economic interest, in the 132-MW Pantabangan-Masiway hydroelectric power plant complex;
-A 100 percent equity interest in the 1.6-MW Agusan mini-hydro; and
-A 46.7 percent equity interest in the 12 integrated geothermal and power projects owned by Energy Development Corporation. The projects have a combined capacity of 1,149.8 MW.
First Gen ranked 34th in gross revenues and 36th in net income among BusinessWorld's Top 1000 Corporations in the Philippines (with consolidated financial statements) in 2010.
As a world-class energy company, First Gen's Management System was granted an ISO 9001:2000 (Quality Management) certification in 2004.
