MANILA, Philippines – First Gen Corp. has taken management of affiliate renewable power options producer Pi Vitality via a P1-billion acquisition deal.
Based mostly on a disclosure on Monday, First Gen and First Philippine Holdings Corp. (FPH) signed a deed of task protecting the latter’s 210,330 frequent shares and a couple of.78 million most popular shares in Pi Vitality.
The frequent shares have been priced at P1 every, whereas the popular shares have been valued at P361.87 per share.
READ: First Gen Q1 2025 revenue dips to $77M
First Gen is a subsidiary of conglomerate FPH. Each corporations are a part of the Lopez household.
“On condition that FGEN is the FPH Group’s platform for supply of value-added and decarbonization options, the switch of Pi Vitality to FGEN is aligned with the group’s efforts to streamline its enterprise holdings and higher handle its portfolio,” the group stated.
In a separate submitting, FPH stated the transfer would “generate synergies and value-accretive returns for FPH’s shareholders.”
Pi Vitality affords power options, reminiscent of microgrid, photo voltaic rooftop, power audit, distant power monitoring and power effectivity.
First Gen is a number one energy technology agency within the native market, with 3,668 megawatts (MW) of whole put in capability from a portfolio of 33 energy services.
Its clear energy portfolio consists of almost 300 MW of hydropower technology, 160 MW from wind and photo voltaic services and about 1,200 MW of geothermal producing capability.
Other than renewable power, it additionally has a community of 4 gas-fired energy vegetation with a mixed put in capability of two,017 MW, with services positioned in Batangas province, particularly San Lorenzo, San Gabriel, Santa Rita and Avion fuel vegetation.
Within the first three months of 2025, the Lopez-led agency reported a slight decline in its earnings attributable to weaker energy gross sales. Its attributable recurring web earnings fell to $77 million (P4.49 billion) in opposition to the earlier $81 million (P4.52 billion). INQ
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