Lopez-led First Gen Corporation (FGen) has announced that Japan’s largest natural gas utility firm, Tokyo Gas Co., has completed its acquisition of a 20 percent stake in its subsidiary.
In a disclosure to the Philippine Stock Exchange on Wednesday, Feb. 19, FGen announced that Tokyo Gas's investment in the liquefied natural gas (LNG) terminal project at the First Gen Energy Complex in Batangas marks its first investment in a commercially operational overseas LNG project.
The subscription agreement, initially signed in May 2024, was subject to several conditions, including obtaining relevant government approvals.
Giles Puno, FGen chief operating officer, said that this investment will boost the FGen LNG Corp.’s LNG efforts.
“We welcome Tokyo Gas into the First Gen group. This subscription will deepen our partnership and enhance synergy, which will boost our efforts in support of the Philippines’ energy security and stability, even as we all pursue decarbonization,” he said.
The facility has been supplying regasified LNG to FGen’s gas-fired power plants, which have a total generating capacity of 2,017 megawatts (MW).
FGen was previously granted a 25-year permit to operate and maintain the facility by the Department of Energy in January, making it the country’s first licensed LNG facility. The facility was designated an Energy Project of National Significance, which expedited various permitting processes.
Currently, FGen has a capacity of approximately 3,668 MW and manages geothermal, wind, hydro, solar, and natural gas energy facilities.
The firm also has several natural gas plants in Batangas province, including San Lorenzo, San Gabriel, Santa Rita, and Avion.