Our History

First Gen was incorporated on December 22, 1998 as a subsidiary of one of the oldest and largest conglomerates in the Philippines, First Philippine Holdings Corporation (FPHC). FPHC's interests include power generation and power distribution through a 6.6 percent effective ownership interest in Manila Electric Company (Meralco). FPHC is also into infrastructure, manufacturing and property development.

Although First Gen was established only in 1998, it traces its roots back to FPHC's pioneering power development efforts in 1993. That year, FPHC won the bid to design, build, and operate the 225-MW Bauang power plant under a build-operate-transfer (BOT) scheme. This was done through First Private Power Corporation (FPPC) which was formed by FPHC. FPPC was established by FPHC, Meralco, PCI Capital and JG Summit in October 1992 for the specific purpose of developing power projects to support the state-owned National Power Corporation's (NPC) "fast-track" development program. FPPC, subsequently, established BPPC to directly undertake and implement the Bauang power project. On July 26, 2010, First Gen formally transferred the Bauang power plant to Napocor following the expiration of First Gen’s BOT contract with Napocor.

In November 1994, following the discovery of large reserves of indigenous natural gas in the Malampaya field in offshore Palawan, FPHC partnered with BG Energy Holdings, Ltd. (BGEH), a subsidiary of BG Group, to develop natural gas projects in the Philippines using natural gas from the Camago-Malampaya field. For this purpose, they jointly established First Gas Holdings Corporation (FGHC).

The first joint venture project between FPHC and BGEH was the 1000-MW Santa Rita power plant. First Gas Power Corporation (FGPC), a wholly owned subsidiary of FGHC, was incorporated to directly undertake the Santa Rita project. Santa Rita is 60 percent owned and controlled by First Gen through its 60 percent ownership of FGHC. The remaining 40 percent is held by BGEH's Philippine subsidiary, BG Consolidated Holdings (Philippines), Inc. (BGCH).

In 1997, FPHC and BGEH incorporated FGP Corp. (FGP), the joint venture company to undertake the development, financing and construction of the 500-MW San Lorenzo power plant. Like Santa Rita, San Lorenzo was established to utilize natural gas from the Malampaya field, its primary fuel source. San Lorenzo is 60 percent owned and controlled by First Gen through Unified Holdings Corporation (Unified). The remaining 40 percent is held by BGCH's wholly owned subsidiary, BG Philippines Holdings, Inc.

Together, Santa Rita and San Lorenzo provide the market for more than half of the natural gas produced by the Camago-Malampaya field.

In 2001, the Lopez Group made a decision to consolidate all of its power and energy investments in one entity and, as a result, FPHC transferred its power generation interests and investments to First Gen.

In 2004, First Gen won a bid to purchase the 1.6-MW Agusan mini-hydro power plant located in Bukidnon. The Agusan asset was formally transferred to First Gen in 2005 and eventually to the company established to operate the assets, FG Bukidnon Power Corporation (FG Bukidnon), in 2006.

In 2006, First Gen, through First Gen Hydro Power Corporation (FG Hydro) successfully won the bidding for the 112-MW Pantabangan-Masiway Hydroelectric Complex. The plant was turned over to First Gen in the same year.

In 2007, First Gen, through its subsidiary Red Vulcan Holdings Corporation, won the bid to acquire a 60 percent controlling stake in Philippine National Oil Company-Energy Development Corporation (PNOC-EDC), the world's second and the country's largest producer of geothermal energy. PNOC-EDC was later renamed Energy Development Corporation (EDC).

In 2008, the Board of Directors of First Gen approved the sale of 60 percent of FG Hydro to EDC. Sixty percent of FG Hydro's equity value represented approximately USD105 million.

In the second quarter of 2009, Prime Terracota, the former subsidiary that indirectly holds First Gen's interest in EDC, issued a number of Class "B" voting preferred shares to Lopez Inc. Retirement Fund and Quialex Realty Corporation such that First Gen's voting interest in EDC was reduced to 27 percent. Nonetheless, First Gen's economic interest in EDC continues to be 40 percent.

Our Partners

We are committed to enhancing our position as the leading Filipino energy company and the preferred partner in nation building in the areas of energy and power project development. Together with our partners, we are committed to developing, financing, constructing, operating and maintaining our investments to become a global leader in the energy industry. Combining our strengths and skills with our partners, experience, management and technical expertise, we aim to rise to the challenges of world-class competition.

Our Pioneering Efforts

The 1000-MW Santa Rita and 500-MW San Lorenzo Power Plant Projects formed the major cornerstone of the Malampaya Gas-to-Power Project. This gas-to-power project is the largest single industrial investment in the history of Philippine business, requiring total investments of approximately US$ 4.5 billion. This paved the way for the birth of the natural gas industry in the Philippines.

For the Santa Rita project, underwritten commitments in excess of 700 percent of the amount requested were obtained. The financing commitments came from a diverse group of lenders led by Export Credit Agencies (ECAs), multilateral, bilateral, institutional investors and local banks (FCDUs).

Despite the Asian economic crisis, the San Lorenzo Project was able to financially close in less than six months, considered as one of the fastest deals; with underwriting commitments reaching 500 percent of the amount requested.

Both the Santa Rita and San Lorenzo plants use the Siemens V84.3A combined cycle gas turbine technology, one of the most advanced and efficient gas turbines available in the market today. First Gas is the first independent power producer (IPP) in the world to utilize condensate fuel on a commercial basis. The First Gas plants have the capability to switch to liquid fuel as a backup during any gas supply interruption.

First Gas Pipeline Corporation (FGPL), meanwhile, constructed the first onshore gas transmission pipeline in the Philippines - the eight-kilometer Tabangao-to-Santa Rita pipeline that brings natural gas from Shell's gas-processing plant in Tabangao to Santa Rita and San Lorenzo.

First Gen is also poised to be the leader in the development of the downstream natural gas industry. It holds, through its subsidiary, FGPL, the only specific legislative franchise to own, construct, install, and operate a natural gas transmission and distribution pipeline system in Luzon, the largest island in the Philippines. In the future, First Gen intends to play an active role in the construction of the pipeline infrastructure necessary to bring natural gas to Metro Manila and neighboring provinces and cities. Initially, this pipeline will transport natural gas as fuel for power generation and eventually for industrial, commercial, and even residential use.

Our Commitment

Our World-Class Management

Our management team is composed of young, talented, dynamic, and highly motivated individuals who demonstrate active leadership and commitment to the company's goal of enhancing its position as the leading Filipino energy company. Members of the management team have impressive educational and work-related credentials and are experts in their own fields. Most have postgraduate degrees from some of the best universities in the world, including Harvard, Wharton, Kellogg, and the Asian Institute of Management. They have collective work experience in the fields of management consulting, project development, and investment banking, among others.

Our Commitment to our Investors

First Gen is  one of the country’s largest IPPs and is the largest “pure power play” company to successfully undertake and complete an initial public offering (IPO) of its common shares on the Philippine Stock Exchange (PSE) in February 2006. To fulfill our commitment to our shareholders, we constantly strive to grow our business and enhance shareholder value by proactively pursuing opportunities and subjecting these to a diligent analysis of the risks and rewards. While we remain focused on the core power generation business and expanding our portfolio through “Greenfield” development projects and acquisitions, we are also equipped and poised to develop other viable energy-related business opportunities such as natural gas transmission and distribution, and geothermal exploration and drilling services through our subsidiary -– EDC.

Our Quality Systems