First Gen Corporation (First Gen) owns and operates 27 power plants across Luzon, Visayas, and Mindanao with 3,490 megawatts (MW) of installed capacity, powering 21.1 percent of the Philippines’ gross generation.

The Company has a strong track record in developing, financing, building, bidding for, and operating power generation projects that have made First Gen into a leading Independent Power Producer (IPP) in the Philippines. First Gen currently has the largest clean and renewable power generation portfolio in the country that utilizes indigenous fuels. The Company continues to gear up its core business as it enables and strengthens its lead in developing the country’s low-carbon energy future.

The Company has an established track record of developing and operating projects that deliver robust and stable cash flow. From its earnings before interest, taxes, depreciation and amortization (EBITDA) of USD 325.5 million in 2006 – the year the Company made its debut in the Philippine Stock Exchange, the Company has since grown its EBITDA to USD 658.6 million, while the Company’s attributable net income has grown steadily from USD 91.8 million in 2006 to USD 134.4 million in 2017.

Since the early 2000s, First Gen’s cornerstone assets – the 1000-MW Santa Rita and the 500-MW San Lorenzo natural gas-fired plants have delivered robust cash flows through their 25-year Power Supply Agreements (PSA). This has enabled the Company to acquire attractive assets such as the 132-MW Pantabangan-Masiway hydroelectric power plant and a voting majority in Energy Development Corporation (EDC), a globally-renowned geothermal company. More recently, First Gen was able to complete two new natural gas-fired power plants – the 97-MW Avion peaking and the 420-MW San Gabriel flex natural gas-fired plants. As a result, First Gen’s total installed capacity has more than doubled from 1,225 MW in 2000 to 3,490 MW today.

First Gen has the largest portfolio of power plants that use clean, renewable, and indigenous fuels such as geothermal steam, water, wind, solar, and natural gas. The Company’s 61.1 percent-controlled EDC, is the largest integrated geothermal company in the world.

First Gen’s plants are present in all three grids of the Philippines and can serve the baseload, mid-merit, and peaking requirements of the grid. The Company’s baseload plants provide clean and renewable power supply. EDC’s geothermal power supply is the only major source of 24/7 renewable energy among all renewable energy technologies in the country.

The newly operating 420-MW San Gabriel flex plant can be turned on and off daily to meet both baseload and mid-merit demands of the grid as power requirements surge throughout the day. The 132-MW Pantabangan-Masiway hydroelectric plant, which is a multipurpose complex used for irrigation with two cascading plants, optimizes its water elevation and utilization to deliver reliable power to its customers, take advantage of sudden surges in the spot market, as well as provide ancillary services to the grid. First Gen’s new peaking plant, the 97-MW Avion plant, has the capability to run on either natural gas or diesel. It is the first in the use of aeroderivative turbines in the country, designed with fast start capability that enables it to start-up in six minutes and reach full-load within 15 minutes.

The Company’s diversified and flexible portfolio of assets makes it well-positioned to address the growing demands of intermittent sources of energy as the world transitions to a full renewable energy future.

First Gen owns and operates four natural gas-fired power plants with a combined installed capacity of 2,017 MW, making it the largest offtaker for natural gas and producer of natural gas-fired power in the country. In the late 1990’s, First Gen initially developed the 1,000-MW Santa Rita and 500-MW San Lorenzo combined-cycle power plants. These two power plants made the Malampaya Project one of the country’s largest foreign investments to-date. More than a decade later, First Gen built two more natural gas-fired power plants—(i) the 97-MW Avion peaking power plant, which is currently the only one in the country that utilizes aeroderivative technology; and (ii) the 420-MW San Gabriel flex power plant, which is the most efficient natural gas-fired power plant in Southeast Asia today. All four plants are located in the First Gen Clean Energy Complex in Batangas City.


In 2007, First Gen, through its subsidiary Red Vulcan Holdings Corporation, won the bid to acquire a 40.0 percent economic stake (60.0 percent voting stake) in the Philippine National Oil Company-Energy Development Corporation (PNOC-EDC), which was later renamed Energy Development Corporation. EDC is a pioneer in the geothermal energy industry with four decades of proven business viability, where it has developed some of the world’s pioneering and most complex steam fields. EDC is primarily engaged in the business of exploring, developing, operating, and utilizing geothermal energy and other indigenous renewable energy sources for electricity generation.

Today, EDC is a globally-renowned geothermal company operating 12 geothermal power plants in Bicol, Negros Oriental, and West Leyte. The various geothermal plants have a combined installed capacity of 1,179.3 MW, making EDC the largest integrated geothermal power producer in the world.

First Gen’s majority shareholder, First Philippine Holdings Corporation (FPH), is a 56-year old Philippine corporation that is among the oldest and largest conglomerates in the Philippines. FPH has investments in vital industries that support the country‘s economic development such as power generation (through First Gen and EDC) and distribution, through its 3.9 percent effective ownership interest in Meralco. It also has substantial investments in Rockwell Land Corporation, a leading residential and commercial property developer in the country, and First Philippine Industrial Park, one of the country’s major industrial park developers that houses world-class companies. The conglomerate likewise owns and operates subsidiaries that are involved in manufacturing, as well as construction and engineering services. Moreover, FPH is affiliated with ABS-CBN, the country’s leading information and entertainment multimedia conglomerate.

FPH is one of the core holding companies of the Lopez Group of Companies. This relationship allows First Gen to draw on the extensive business network and in-depth local business knowledge and expertise of FPH and the Lopez Group. First Gen and its affiliates continue to work together to realize synergies and create even more value for the Lopez Group and its shareholders.

In September 2017, First Gen’s strategic partnership with two of the world’s largest infrastructure investors: Macquarie Infrastructure and Real Assets (MIRA), and Arran Investment Pte Ltd (Arran), an affiliate of GIC Pte Ltd (GIC), was concluded with the consortium’s PHP 64.5 billion investment in EDC. The partnership is an affirmation of confidence in EDC’s renewable energy platform and in the Philippine power industry.

Through the development, construction, and operation of its portfolio of power plants, the Company has benefited from strong relationships with its world class project partners, such as Siemens AG, Shell, Vestas, and Andritz, among others.



First Gen, through its wholly-owned subsidiary, First Gen Energy Solutions, Inc. (FGES) provides full-service energy solutions. Backed by First Gen’s portfolio of assets, FGES is the only Retail Electricity Supplier (RES) in the Philippines with a 100.0 percent clean and green portfolio. Moreover, FGES positions itself as the supplier of choice by understanding the customer’s business needs and delivering innovative packages that offer real and added value, transcending traditional retail supply contracts. These innovative services include the FGES Energy Audit that is designed to help a customer consume electricity more efficiently.

FGES has applications for monitoring and analyzing a customer’s consumption for electric machines and equipment, efficient lighting, and timely use of cooling mechanisms. Furthermore, FGES offers unique energy solutions that provide transformer equipment and solar rooftop systems through its synergies with EDC, and First Philippine Electric Corporation (First Philec), the pioneer and the largest manufacturer of transformers in the Philippines. FGES holds a RES license and is a registered participant in the Wholesale Electricity Spot Market (WESM).