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First Gen allots $530-million capital expenditure for 2021
May 20, 2021 | 12:08 am
Reporter
FIRST Gen Corp. is allocating $530 million of capital expenditures (capex) this year, with majority going to projects of its geothermal subsidiary Energy Development Corp. (EDC), an official of the firm said on Wednesday.
“In 2021, we are expecting to spend about $530M in capital expenditures, mainly driven by EDC, the LNG (liquified natural gas) terminal (in Batangas City), and the Aya Pumped Storage Project (in Nueva Ecija),” First Gen’s Chief Financial Officer Emmanuel Antonio P. Singson said during the firm’s virtual annual stockholders’ meeting on Wednesday.
The amount will cover $280 million of funding for EDC’s drilling activities, investments, and binary geothermal projects; $120 million for First Gen’s planned offshore LNG terminal; and $60 million for the 120-MW Aya Pumped Storage in Pantabangan, Nueva Ecija.
BusinessWorld
May 14, 2021 | 7:03 pm
First Gen Corp. saw its net income attributable to its parent grow by 29% year on year to P4.01 billion ($84 million) in the first quarter, thanks to higher recurring earnings from its natural gas and renewable energy (RE) portfolios.
In a statement, the Lopez-led power generation company said it generated P3.8 billion ($78 million) in recurring net income in the first three months of 2021, a 21% increase from a year ago’s P3.3 billion ($65 million), “from the operations of its 3,495 MW clean, low-carbon, and renewable portfolio.”
First Gen said it also benefited from new contracts, and lower operating and interest expenses.