May 27, 2013

Lopez Group allots $3.14 B for power generation

First Philippine Holdings Corp. (FPHC) is expanding its power generation portfolio with $3.14  B in investments. FPHC’s operating units First Gen Corp. and Energy Development Corp.  (EDC)  are pursuing new energy projects that will increase the Lopez Group’s generating capacity by half to more than 4,000 megawatts (MW) in the medium term.

Specifically, FPHC’s subsidiary First Gas will spend $1.6 B to increase the output of the San Gabriel liquefied natural gas (LNG) plants by another 1,300 MW from 2013 to 2018. Another $1  B will be required for a LNG receiving and regasification facility.

Through EDC, First Gen is pursuing an 87-MW wind power project in Burgos, Ilocos. First Gen Corp. will continue to develop three run-of-river projects in Mindanao with a combined capacity of 63 MW. The wind farm will cost $300 M while the hydropower projects will require $240 M in investments in the next three years. - WealthSec