Milestones

1993

• BPPC signs Build-Operate-Transfer (BOT) contract.

• BPPC executes an equipment supply contract with New Sulzer Diesel of France.

• BPPC starts the construction of the 225-MW bunker-fired diesel power plant.

1994

• FPHC signs a memorandum of agreement with British Gas Plc.

• First Gen Renewables, Inc. (FGRI, formerly First Philippine Energy Corporation) was formed to focus on opportunities in the renewable industry.

• FPHC and British Gas Plc form a joint venture named FGHC.

1995

• FGHC signs a power purchase agreement with Meralco.

• Bauang power plant starts commercial operations.

1996

• BPPC issues a US$ 85-million private placement.

• Santa Rita executes a construction contract with Siemens AG.

1997

• Santa Rita closes a US$ 680-million debt financing.

1998

• Santa Rita and San Lorenzo execute the Gas Sales and Purchase Agreements (GSPA) with the gas sellers.

1999

• San Lorenzo starts construction work, operations, and maintenance contracts with Siemens AG.

2000

• San Lorenzo closes a US$ 375-million debt financing.

• Santa Rita starts commercial operations using liquid fuel.

2001

• FPHC's interest in power generation investments was consolidated into First Gen.

• AIDEC FG Power Corporation Limited (AIDEC) and Sumitomo Corporation (Sumitomo) invest in First Gen.

2002

• Santa Rita and San Lorenzo start commercial operations using natural gas.

2003

• First Gen is recommended for ISO 9001:2000 certification.

2004

• First Gen wins the bid for the 1.6-MW Agusan Mini-hydro plant from the Power Sector Assets and Liabilities Management Corporation (PSALM) privatization.

2005

• First Gen completes the acquisition of the 1.6-MW Agusan Mini-hydro plant.

• First Gen raises a Php5-billion, fixed-rate, 5-year Peso bond, which is rated Aaa by the Philippine Rating Services Corporation (PhilRatings).

2006

• First Gen completes its IPO and begins trading its common shares in the PSE.

• First Gen won the bidding for the 112-MW Pantabangan/Masiway Hydroelectric Complex.

• Turnover of the 112-MW Pantabangan/Masiway Hydroelectric Complex.

2007

• First Gen, through its subsidiary Red Vulcan Holdings Corporation, bid for and won the 60% controlling stake in Philippine National Oil Company-Energy Development Corporation (PNOC-EDC), later renamed EDC.

2008

• First Gen issues a US$ 260-million, 2.50 percent coupon Convertible Bond due February 2013.

• FGPC closes a US$ 544-million refinancing facility in November 2008. This was voted as the "Asia Pacific Refinancing Deal of the Year" by ProjectFinance magazine of Euromoney.

• First Gen divests its 60 percent stake in FG Hydro to EDC.

• Santa Rita was awarded with "Ten Safe Years with No Lost Time Incidents" by the Department of Labor and Employment (DOLE).

• FG Hydro signs a US$ 45-million contract to refurbish the Pantabangan plant in January 2008.

• BPPC was awarded by the Safety and Health Association of the Philippine Energy Sector (SHAPES) on December 9, 2008 for maintaining zero lost time accident for 2 consecutive years of operations.

2009

• Turnover of the 106-MW Mindanao I/II to EDC upon the expiry of the plants' BOT contract.
• Unified issues a Php5.4-billion, 3-year note facility at 9.38 percent.
• Red Vulcan obtains a 5-year extension of the maturity of its Php13.86-billion Staple Financing Loan.
• EDC, through indirect wholly owned subsidiary Green Core Geothermal Inc., wins the PSALM bidding for the 192.5-MW Palinpinon and 112.5-MW Tongonan geothermal power plants  for US$ 220 million.

2010

• EDC subsidiary Bac-Man Geothermal Inc. wins the PSALM bidding for the 150-MW Bacon-Manito geothermal power plants in Bicol.
• First Gen formally transfers the Bauang power plant to Napocor following the expiration of First Gen’s BOT contract with Napocor.