Table of Contents
Table of Contents 2
List of Tables 5
Company Snapshot 6
Key Information 6
Company Overview 6
SWOT Snapshot 6
Operational Metrics 7
First Gen Corp, Operational Metrics, By Capacity 7
First Gen Corp, Operational Metrics, By Generation 7
First Gen Corp, Operational Metrics, By Sales 7
First Gen Corp, Wind Farms 8
First Gen Corp, Wind Farms, Philippines 8
First Gen Corp, Solar PV Parks 9
First Gen Corp, Solar PV Parks, Philippines 9
First Gen Corp, Hydro Power Plants 10
First Gen Corp, Hydro Power Plants, Philippines 10
First Gen Corp, Thermal Power Plants 12
First Gen Corp, Thermal Power Plants, Philippines 12
Business Description 14
Business Overview 14
EDC and Subsidiaries 14
Overview 14
FG Hydro 14
Overview 14
FGP 14
Overview 14
FGPC 14
Overview 14
FNPC 14
Overview 14
Prime Meridian 15
Overview 15
Major Products and Services 16
History 17
SWOT Analysis 22
Overview 22
First Gen Corp Strengths 22
Leading Player in Philippines 22
Well-Established Asset Base 22
First Gen Corp Weaknesses 22
Decline in Operational Performance 22
First Gen Corp Opportunities 23
Focus on Alternative Energy Sources 23
Escalating Demand for Electricity: the Philippines 23
First Gen Corp Threats 23
Changes in Rules and Regulations 23
Increasing Competition 23
Raw Material Cost Fluctuation 23
Financial Ratios – Capital Market Ratios 24
Financial Ratios – Annual Ratios 24
Financial Ratios – Interim Ratios 26
Key Employees 27
Key Employee Biographies 29
Locations And Subsidiaries 30
Head Office 30
Other Locations & Subsidiaries 30
Financial Deals Landscape 32
First Gen Corp, Deals Summary 32
First Gen Corp, Power, Deal Details 33
Asset Transactions 33
Prime Meridian Powergen to Invest USD150 Million in Avion Natural Gas Fired Power Plant in Batangas, Philippines 33
First Gen To Invest US$40 Million In Cabadbaran Hydro Power Project In Agusan Del Norte 34
First Gen To Invest US$800 Million In Phase III Of San Gabriel Project In Philippines 35
First Gen To Invest US$400 Million In Phase II Of San Gabriel Project In Philippines 36
First Gen Acquires Remaining 40% Interest In Two Gas-Fired Power Generation Plants From BG Group For US$360 Million In Philippines 37
First Gen Acquires 40% Interest In Santa Rita And San Lorenzo Power Plants From BG Group For US$231 Million 38
First NatGas Power Completes Project Financing of USD265 Million for San Gabriel Combined Cycle Natural Gas Fired Power Plant in Batangas, Philippines 39
First Gen Completes Project Financing Of US$420m For Refinancing San Lorenzo Gas-Fired Power Plant In Philippines 40
Equity Offering 41
First Gen Raises USD168 Million in Private Placement of Shares 41
First Gen Completes Public Offering Of Series G Preferred Shares For US$231 Million 43
Debt Offering 45
First Gen Completes Second And Final Tranche Of Private Placement Of 6.5% Bonds Due 2023 For US$50 Million 45
Acquisition 47
Philippines Renewable Energy Acquires 31.7% Stake in Energy Development for USD1.32 Billion in Tender Offer 47
Recent Developments 49
First Gen Corp – Recent Developments 49
Oct 09, 2017: EDC gears up for future growth with new strategic partner 49
May 07, 2013: First Gen To Build LNG Terminal By 2016 49
Aug 28, 2012: First Gen And Meralco PowerGen In Discussions To Build San Gabriel Natural Gas-fired Power Station In Batangas, Philippines 49
Aug 01, 2010: Lopez Group May Foray Into Nuclear Power Generation 49
Jun 23, 2008: PNOC-EDC Plans To Enter Mt. Kanlaon Buffer Zone 50
Jan 19, 2008: First Gen Focuses On Geothermal Projects In Indonesia 51
Jan 13, 2008: First Gen Interested In Bidding For Tongonan And Bacon-Manito Geothermal Plants 51
Nov 12, 2007: First Gen and TeaM Energy Signs On Pagbilao Power Plant 51
Nov 12, 2007: First Gen Teams Up With REI To Explore Geothermal Opportunities 51
Nov 08, 2007: First Gen To Invest $1 Billion For Expansion And Greenfield Projects 51
May 11, 2007: First Gen Partners With DMCI To Build 100MW Power Plant In Panay 52
Nov 16, 2015: First Gen reports 3Q2015 attributable net income at US$120 million 52
Nov 19, 2014: First Gen income up 38% to USD162.8M in first 9 months 53
May 15, 2013: First Gen Reports Revenue Of $494.6m In Q1 2013 53
Mar 06, 2013: First Gen Reports Revenue Of $1.4 Billion In 2012 55
Nov 14, 2012: First Gen Reports Revenue Of $1.2 billion For Nine Months Ended September 30, 2012 55
Aug 14, 2012: First Gen Reports Revenue Of $776.7 In H1 2012 56
May 15, 2012: First Gen Reports Revenue Of $390.6m In Q1 2012 57
Aug 19, 2009: First Gen Reports Revenues Of $530.7 Million In H1 2009 58
Mar 31, 2009: First Gen Posts Net Income Of $14.5 Million In 2008 58
Nov 17, 2008: First Gen Declares 3Q 2008 Results 58
May 13, 2008: First Gen Declares Q1 2008 Results 59
Apr 03, 2008: First Gen Reports Year-End 2007 Results 59
Nov 07, 2007: First Gen Declares Nine-Month Fiscal 2007 Results 59
Aug 14, 2007: First Gen Declares H1 2007 Results 59
May 09, 2007: First Gen Declares Q1 2007 Results 60
Jul 15, 2018: PNOC Rejects Unsolicited LNG Offer Of Dubai-Based Lloyds Energy Group 60
Jun 30, 2018: PH, East Asian Firms Eye Building LNG Hub 60
Jun 10, 2018: FGen’s ‘digital twins’ become Asia’s showcase 60
Apr 25, 2018: Philippine Company Banks on Green Energy to Fight Global Climate Change 60
Apr 08, 2018: Energo boost clean energy production through Qtum blockchain implementation in Philippines 60
Mar 05, 2018: 4 Firms Keen To Build LNG Facility In PH 61
Mar 01, 2018: Tokyo Gas And Three Others Eyeing $2 Billion Philippines’ LNG project 61
Aug 17, 2017: Government Seeks ‘Fastest And Best’ LNG Option 61
Aug 07, 2017: First Gen Still Interested In LNG ‘Megaproject’ 61
Apr 10, 2017: First Gen announces status of the natural gas-fired power plants 61
Jan 27, 2017: First Gen Looks To Future With Plans For LNG Terminal To Shore Up Supplies 61
Nov 09, 2016: Philippines ERC issues COC for 414MW San Gabriel gas power plant in Batangas 61
May 15, 2016: First Gen to invest $470m in hydro power projects 62
Sep 24, 2015: First Gen’s 97MW Avion natural gas power plant to become online by 2015 62
May 18, 2015: Philippine Star: First Gen to boost hydropower portfolio 62
May 17, 2015: Philippines’ First Gen to begin construction of new hydro projects in 2016 63
Apr 01, 2015: PMPC obtains approval to develop transmission facility in Philippines 63
Oct 01, 2014: Philippines plans to increase share of natural gas in its energy portfolio 63
Sep 30, 2014: First Gen to contribute 325MW of wind and geothermal capacity by end of 2014 64
May 13, 2014: First Gen eyes add’l 1,342-MW capacity by 2019 64
Nov 12, 2013: First Gen receives new transformer for San Lorenzo power plant in Philippines 65
May 28, 2013: First Gen Reports Fire At Unit 60 Transformer Of 500 MW San Lorenzo Power Plant In Philippines 65
Mar 03, 2013: First Gen To Construct Phase 1, Phase 2 And Phase 3 Of San Gabriel Power Project In Philippines 65
Oct 03, 2012: FGP Signs $420m 10-year Term Loan Facility With Seven Banks 65
Mar 11, 2011: First Gen Luzon Power To Develop Hydroelectric Power Plant In Nueva Ecija 66
Jun 17, 2010: PSLAM Announces Failure Of Auction To Sell Contracted Capacity Of 650MW Malaya Thermal Facility 66
May 27, 2009: First Gen To Invest In 500 MW Gas-Fired Power Plant In Philippines 66
Jan 15, 2008: First Gen Appoints CEO 66
Nov 14, 2007: First Gen Provides Operational Update On San Gabriel Gas-Fired Power Plant 67
Apr 30, 2015: ERC okays Avion’s grid connection 67
Aug 05, 2014: First Gen unit inks supply deal with Slovakian contractor 67
Appendix 69
Report Scope 69
GlobalData Coverage 69
Benchmarking 69
GlobalData’s Methodology 69
Secondary Research 69
Primary Research 70
Contact Us 70
Disclaimer 70
First Gen Corp, Key Facts 6
First Gen Corp, Operational Metrics, Capacity 7
First Gen Corp, Operational Metrics, Generation 7
First Gen Corp, Operational Metrics, Sales 7
First Gen Corp, Wind Farms, Philippines 8
First Gen Corp, Solar PV Parks, Philippines 9
First Gen Corp, Hydro Power Plants, Philippines 10
First Gen Corp, Thermal Power Plants, Philippines 12
Major Products and Services 16
First Gen Corp, SWOT Analysis 22
First Gen Corp, Ratios based on current share price 24
First Gen Corp, Annual Ratios 24
First Gen Corp, Interim Ratios 26
First Gen Corp, Key Employees 27
First Gen Corp, Subsidiaries 30
First Gen Corp, Deals Summary 32
Prime Meridian Powergen to Invest USD150 Million in Avion Natural Gas Fired Power Plant in Batangas, Philippines 33
First Gen To Invest US$40 Million In Cabadbaran Hydro Power Project In Agusan Del Norte 34
First Gen To Invest US$800 Million In Phase III Of San Gabriel Project In Philippines 35
First Gen To Invest US$400 Million In Phase II Of San Gabriel Project In Philippines 36
First Gen Acquires Remaining 40% Interest In Two Gas-Fired Power Generation Plants From BG Group For US$360 Million In Philippines 37
First Gen Acquires 40% Interest In Santa Rita And San Lorenzo Power Plants From BG Group For US$231 Million 38
First NatGas Power Completes Project Financing of USD265 Million for San Gabriel Combined Cycle Natural Gas Fired Power Plant in Batangas, Philippines 39
First Gen Completes Project Financing Of US$420m For Refinancing San Lorenzo Gas-Fired Power Plant In Philippines 40
First Gen Raises USD168 Million in Private Placement of Shares 41
First Gen Completes Public Offering Of Series G Preferred Shares For US$231 Million 43
First Gen Completes Second And Final Tranche Of Private Placement Of 6.5% Bonds Due 2023 For US$50 Million 45
Philippines Renewable Energy Acquires 31.7% Stake in Energy Development for USD1.32 Billion in Tender Offer 47
