Tokyo Gas Co., Ltd (Tokyo Gas), Japan’s largest natural gas utility company, has completed its acquisition of a 20 percent equity ownership in FGEN LNG Corporation (FGEN LNG), a subsidiary of First Gen Corporation (First Gen). FGEN LNG is the owner and operator of a liquefied natural gas (LNG) terminal project at the First Gen Clean Energy Complex in Batangas City (LNG Terminal).
The acquisition, Tokyo Gas’ first investment in a commercially operational overseas LNG terminal project, was made by way of a subscription to a 20 percent ownership in FGEN LNG.
“We welcome Tokyo Gas into the First Gen group. This subscription will deepen our partnership and enhance synergy that will boost our efforts in support of the Philippines’ energy security and stability, even as we all pursue decarbonization,” said Giles Puno, vice chairman and chief executive officer of FGEN LNG and concurrent First Gen president.
Tokyo Gas, a company founded in 1885 and based in Minato, Tokyo, signed a subscription agreement with First Gen LNG Holdings in May 2024 for the Japanese company’s minority stake in FGEN LNG. The agreement was tied to a number of conditions precedent, including the procurement of relevant government approvals.
Prior to this, Tokyo Gas partnered with First Gen starting in December 2018 for the development and construction of the LNG terminal, which later broke ground in May 2019.
The LNG terminal was granted a permit to operate and maintain by the Department of Energy—the first to be granted to an LNG facility in the Philippines, supplying regasified LNG to First Gen’s gas-fired power plants with a total generating capacity of 2,017 megawatts.
