First Gen Corp. said it is moving toward a “strategic transformation” by shifting its focus from natural gas to renewable energy, its top executive said.
“While our platforms tell the story of our growth, our balance sheet gives us a different perspective and tells us how we will partly achieve our decarbonization journey. We are channeling capital from our core gas business into renewables and infrastructure that will define the next generation of energy in the Philippines,” First Gen president Francis Giles Puno said.
“This is not just about responsible growth as it is about strategic transformation,” he said.
Puno said a review of First Gen’s total megawatt capacity in isolation does not show the full picture. First Gen has a total capacity of 3,668 megawatts from natural gas and renewable energy.
The company owns four power plants with a total combined capacity of 2,017 MW that run on natural gas. It also owns an 80-percent stake in a liquefied natural gas terminal in Batangas. The Razon Group acquired a 60-percent stake in the natural gas projects for P50 billion.
