First Gen Corp. subsidiary First Gen LNG Holdings Corp. has taken Tokyo Gas Co. Ltd. as shareholder in a series of transactions that allow the Japanese company to acquire 20 percent of FGEN LNG.
First Gen Corp. told the Philippine Stock Exchange the Japanese company signed shareholders’ and subscription (SHA and SSA) documents as investor at FGEN LNG Corp. which owns and operates the offshore liquefied natural gas (LNG) terminal project in Batangas City.
“The execution of the SHA and SSA represent the next phase of the parties’ joint development of the project. In particular, the SHA governs the rights of FGEN LNG Holdings and Tokyo Gas with respect to the ownership and operations of the project,” said First Gen, in a statement.
Once effective, FGEN LNG Holdings owns 80 percent of the enterprise while Tokyo Gas has 20 percent in FGEN LNG.
Tokyo Gas is one of the largest purchasers of LNG in the world with an annual requirement of 13 million tons.
First Gen as power generation company has combined capacity of 3,666 megawatts and a portfolio using natural gas, geothermal, hydroelectric, wind and solar power technologies.
The company also aims to grow capacity to 13,000 MW over next six years and spend as much as $20 billion until 2030.
