First Gen Corporation Unsponsored ADR (FSGCY)

Overview

First Gen Corporation, operational since 1993 and headquartered in Pasig, Philippines, is an integral player in the country's power generation sector. As a subsidiary of First Philippine Holdings Corporation, it dedicates its operations primarily to the production of electricity through a diverse portfolio of power plants. With a vast presence across the Philippine archipelago, First Gen stands out for its significant contributions to the national grid, offering a considerable installed capacity that totals 3,474.2 megawatts (MW). The company's business operations encompass several subsidiaries, each specializing in different segments of power generation, including natural gas, geothermal, hydroelectric, wind, and solar energy. This diversified approach not only underscores First Gen’s commitment to meeting the country’s energy demands but also highlights its strategic move towards sustainable and renewable energy sources.

Products and Services

• FGPC and FGP Segments

  Under these segments, First Gen Corporation operates two combined cycle, natural gas-fired power plants: the 1,000 MW Santa Rita and the 500 MW San Lorenzo. These facilities are cornerstone in First Gen’s portfolio, emphasizing the company’s pivot towards cleaner energy solutions.

• EDC and Subsidiaries

  This segment is pivotal, holding service contracts for the exploration, development, and utilization of geothermal resources across ten contract areas. It runs numerous geothermal power plants, including 578.97 MW Unified Leyte, 172.5 MW Palinpinon, 130 MW Bacman, 123 MW Tongonan, and 106.99 MW Mindanao, among others. In addition, it oversees the 150 MW Burgos Wind Energy project, the 6.82 MW Burgos Solar Energy project, and 5.17 MW Solar Rooftop projects, marking First Gen's significant foothold in renewable energy.

• FG Hydro Segment

  The Pantabangan-Masiway Hydroelectric plant, with a capacity of 132.8 MW, showcases First Gen’s contribution to hydroelectric power generation. This facility harnesses the potential of water resources for power generation, reinforcing the company's diversified energy mix.

• FNPC Segment

  Operating the 420 MW San Gabriel, a state-of-the-art natural gas-fired power plant, this segment underscores First Gen's continuous effort to balance energy needs with environmental sustainability. The San Gabriel plant is among the newest additions to the company's portfolio, emphasizing high efficiency in natural gas utilization.

• Prime Meridian Segment

  The Avion plant, an open-cycle natural gas-fired power facility with a 97 MW capacity, further solidifies First Gen’s position in the sector. This plant complements the company's extensive portfolio by offering flexible and responsive power solutions.

First Gen Corporation markets its electricity primarily to the Manila Electric Company, National Power Corporation, various electric cooperatives and privately-owned distribution utilities, large industrial clients, and the National Grid Corporation of the Philippines, playing a crucial role in the country's energy ecosystem.