The Philippine Stock Exchange (PSE) penalized First Gen Corp. and DoubleDragon Corp. for violating the bourse’s disclosure rules. First Gen, a power producer controlled by the billionaire Lopez family, was found in violation of multiple provisions under Article VII of the PSE Consolidated Listing...
The Philippines remains energy insecure as its growing dependence on Middle Eastern crude oil and tightening power reserves leave the country increasingly vulnerable to global fuel supply disruptions as well as power supply risks, according to state-run think tank Philippine Institute for...
Lopez-led First Gen Corp. (First Gen) has secured the exclusive right to develop, construct, and operate a new 120-megawatt (MW) pumped-storage hydropower facility in Nueva Ecija province, boosting the country’s clean energy pipeline. In a statement on Monday, July 6, First Gen announced that it...
First Gen Corp. has secured a supply agreement to deliver renewable power to the subsidiaries of billionaire Lucio Tan’s LT Group Inc. In a statement, First gen said the Lopez-controlled clean energy producer will supply more than 29 megawatts of geothermal power from its Tongonan facility in...
Aboitiz Equity Ventures Inc. (AEV) has consolidated its position as the market leader in the Philippine power generation sector, ahead of four industry rivals through its extensive portfolio of generation companies. The Cebu-based conglomerate, operating through its core energy unit Aboitiz Power...
Lopez-led First Gen Corp. is evaluating the commercial viability of small modular nuclear reactors as the country maps out a path to introduce atomic energy into its grid by the next decade. In an interview with First Gen Vice President and Head of Strategy and Planning Jay Soriano sad the company...
The Lopez family majority alleged that First Gen Corp.’s decision to reduce its stake in Prime Hydropower Energy, Inc. (PHEI) from 40 percent to 33 percent is invalid, as it was never presented to the board of directors for approval and lacks a board mandate. The move was made just three weeks...
The majority owners of the Lopez family are stepping up their opposition against First Gen Corp.’s leadership, alleging that the power producer is bearing the entire financial burden of the multi-billion-peso renewable energy deal while securing only a minority position. In a statement on Friday,...
First Gen Corp.’s independent directors pushed back against critics of its clean energy expansion, stating that the projected annual earnings fully justify the acquisition premium paid to billionaire Enrique Razon Jr.’s Prime Infrastructure Capital Inc. In a joint press statement, independent...
The Securities and Exchange Commission (SEC) has formed an ad hoc committee to investigate allegations traded between rival factions of the Lopez family, a dispute that threatens to engulf two of the Philippines’ most high-profile companies, First Gen Corp. and ABS-CBN Corp. ABS-CBN disclosed to...
The majority faction of the Lopez family has accused First Gen Corp. Chairman Federico “Piki” Lopez of “doublespeak” for initiating legal action while simultaneously calling for peace talks. The family bloc noted that on the exact same day Piki Lopez publicly welcomed peace with his...
First Gen Corp., the power producer controlled by the Lopez family, rejected allegations from a majority faction of its founding clan over a ₱50 billion premium paid for a stake in a pumped-storage hydropower venture, saying the claims show the fundamental misunderstanding of corporate finance....
