July 06, 2014

FGEN gets new transformer for Santa Rita unit

In a disclosure to the Exchange, First Gen Corp (FGEN) announced it has successfully brought in a new transformer for a 250-MW unit of Sta. Rita to replace the one that was damaged in February this year.

Our take: As per our discussion with the company, the installation of the transformer and commissioning of the plant is expected to be completed within this quarter. This comes way ahead of the November 2014 original target.

The earlier commissioning of the plant should also help improve market sentiment on FGEN given its improving execution of repairs and project implementation. FGEN said it is also on track to commission two new plants, particularly San Gabriel Avion’s 100-MW unit by 1Q15 and the 414-MW unit by 1Q16.– WealthSec