First Gen Corporation
FSGCY
Other OTC5.35
USD
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First Gen Corporation
FSGCY
(Other OTC)
Recent
price
5.35
P/E
ratio
- -
div
yld
- -
ROIC.AI
Capital Structure
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in mil. unless spec.- Similar Companies
- Business
- First Gen Corporation engages in power generation with a primary focus on renewable and clean energy sources including natural gas, geothermal, hydro, wind, and solar power. Its core products and services include the operation of natural gas-fired power plants such as the 1,000 MW Santa Rita, 500 MW San Lorenzo, 450 MW San Gabriel, and 97 MW Avion plants; geothermal power facilities with a combined capacity exceeding 1,200 MW across several sites including Leyte, Palinpinon, Bacman, Tongonan, and Mindanao; hydropower plants like the 132.8 MW Pantabangan-Masiway and the 165 MW Casecnan Hydroelectric Power Plant; and renewable energy projects comprising wind energy (150 MW Burgos Wind) and solar power installations including the 6.82 MW Burgos Solar and various rooftop solar systems. Additionally, First Gen provides energy solutions through its subsidiary First Gen Energy Solutions Inc., offering microgrids, rooftop solar installations, energy audits, remote monitoring systems, and energy efficiency services targeted primarily at commercial and institutional customers. The company operates predominantly in the Philippines and maintains a portfolio of 32 power plants with an aggregate installed capacity of approximately 3,668 MW. Founded in 1998 and headquartered in Pasig City, Metro Manila, First Gen is a leading independent power producer in the Philippine energy sector. It operates through several segments and subsidiaries, including the Energy Development Corporation (EDC), FGPC, FGP, FG Hydro, FNPC, and Prime Meridian. Significant recent developments include a major strategic partnership and asset sale to Prime Infrastructure Capital, Inc., completed in November 2025, where Prime Infra acquired a 60% controlling stake in First Gen's gas-related subsidiaries for approximately PHP 50 billion (around $850 million). This transaction encompasses key gas-fired power assets and an interim offshore liquefied natural gas (LNG) terminal project. Following this divestment, First Gen retains a 40% interest in the gas assets and plans to reinvest proceeds to expand its geothermal and broader renewable energy capacity. The company aims to increase its renewable energy portfolio to 13 gigawatts by 2030, a nearly fourfold capacity expansion from current levels. In furtherance of its clean energy strategy, First Gen allocated $1.27 billion in capital expenditures for 2024, primarily dedicated to hydropower and renewable energy projects, including the acquisition of the Casecnan Hydroelectric Power Plant and development of geothermal plants and battery storage systems. Additionally, First Gen’s LNG subsidiary entered a shareholders’ agreement with Japan’s Tokyo Gas, which acquired a 20% stake to collaborate on the interim offshore LNG terminal project. Other key recent moves include the acquisition of Pi Energy, a sustainable energy solutions firm specializing in distributed energy services like microgrids and rooftop solar, to enhance First Gen's decarbonization offerings. The company continues to focus on portfolio realignment toward renewable energy following its gas asset sale while emphasizing energy security, clean energy growth, and shareholder value enhancement within the Philippines. These strategic changes position First Gen as a major player in the country’s transition to a low-carbon and renewable energy future.