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FGen expands RE portfolio through Pi Energy buy-out

Business | The Stock Market

FGen expands RE portfolio through Pi Energy buy-out

By Gabriell Christel Galang

Lopez-led First Gen Corp, (FGen) announced that it has fully acquired Pi Energy Inc. through a deed of assignment executed with its parent firm, First Philippine Holdings Corp. (FPH).

In a disclosure to the Philippine Stock Exchange (PSE) on Monday, May 19, FGen said it acquired Pi Energy for ₱1 billion, consisting of 210,330 common shares and 2.78 million preferred shares.

According to FGen, Pi Energy’s acquisition would help streamline its business holdings to better manage its portfolio.

Pi Energy currently offers microgrid, solar rooftop, energy audit, remote energy monitoring, and energy efficiency services, among others.

Prior to its acquisition, Pi Energy was a wholly owned subsidiary of FPH, as its company interests are aligned with renewable energy (RE), premium real estate, manufacturing, construction, healthcare, and education.

Last week, FGen’s President and Chief Operating Officer (COO) Francis Giles Puno shared the company’s high hopes for this year in terms of financial performance, as capital expenditures (capex) are also slated to be bigger in 2025.

Some of the company’s recent RE deals were with the PSE, Axelum Resources Corp., Sanyo Denki Philippines, Digital Edge, among others.

FGen currently sources most of its power through its portfolio of geothermal, hydropower, wind, and solar.

Related Tags

First Gen Corp. (FGen) Pi Energy Inc. First Philippine Holdings Corp. (FPHC)

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