ocean energy

First Gen Corp of Philippines continues building renewables businesses

The Philippine power firm has become the new majority owner of PNOC Energy Development Corp, one the leading geothermal companies in the world.

First Gen paid a acquisition price of P58.5 billion , the deal is however more complicated then that with First Gen having bought out a partner Red Vulcan Holdings inc. It has also dilution of Spalmare a JV between Reykjavik Energy Invest and Geysir Green Energy.

According to Frist Gen; "The dilution has the effect of First Gen owning, directly and indirectly, 100 percent of Red Vulcan. However, Spalmare has the option, exercisable until Feb. 27, 2008 to rejoin the consortium and fund its equity portion, failing which the option will lapse,".

PNOC EDC accounts for over 60% of the 1,905 MW of geothermal power being produced in the Philippines. This makes the country second only the to the United States in terms of geothermal power production. PNOC EDC has stream fields in Leyte, Negros Oriental,Negros Occidental, Bicol and North Cotabato. The company in total produces 1,150 MW of clean geothermal power.

First Gen president Federico Lopez said PNOC-EDC "will become a very strong asset for First Gen." "We intend to take it to the next level. Basically, it's now second the largest geothermal company in the world and we intend to make it even bigger, under First Gen,".

The company is also looking to move into Indonesia as well. 

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