First Gen takes over Pi Energy for P1B
First Gen Corp. has taken control of affiliate renewable energy solutions producer Pi Energy through a P1-billion acquisition deal.
Based on a disclosure on Monday, First Gen and First Philippine Holdings Corp. (FPH) signed a deed of assignment covering the latter’s 210,330 common shares and 2.78 million preferred shares in Pi Energy.
The common shares were priced at P1 each, while the preferred shares were valued at P361.87 per share.
First Gen is a subsidiary of conglomerate FPH. Both companies are part of the Lopez family.
“Given that FGEN is the FPH Group’s platform for delivery of value-added and decarbonization solutions, the transfer of Pi Energy to FGEN is aligned with the group’s efforts to streamline its business holdings and better manage its portfolio,” the group said.
In a separate filing, FPH said the move would “generate synergies and value-accretive returns for FPH’s shareholders.”
Pi Energy offers energy solutions, such as microgrid, solar rooftop, energy audit, remote energy monitoring and energy efficiency.
First Gen is a leading power generation firm in the local market, with 3,668 megawatts (MW) of total installed capacity from a portfolio of 33 power facilities.
Its clean power portfolio includes nearly 300 MW of hydropower generation, 160 MW from wind and solar facilities and about 1,200 MW of geothermal generating capacity.
Aside from renewable energy, it also has a network of four gas-fired power plants with a combined installed capacity of 2,017 MW, with facilities located in Batangas province, namely San Lorenzo, San Gabriel, Santa Rita and Avion gas plants.
In the first three months of 2025, the Lopez-led firm reported a slight decline in its earnings due to weaker power sales. Its attributable recurring net income fell to $77 million (P4.49 billion) against the previous $81 million (P4.52 billion).
