By Neil Jerome C. Morales (The Philippine Star) Updated October 01, 2012 12:00 AM
MANILA, Philippines - Lopez-led energy producer First Gen Corp. is still keen on pursuing joint venture partnerships involving coal, hydroelectric and natural gas technology, an executive said.
First Gen chairman and CEO Federico Lopez, said in an interview, that the company is still interested to buy a minority stake in the $700-milllion expansion of the Pagbilao coal-fired power plant in Quezon province.
“That is still there. That is still alive,” Lopez said.
The joint venture of Japanese firms Tokyo Electric Power Co. and Marubeni Corp., and the Aboitiz Power Corp. is planning to increase the generating capacity of the Pagbilao power plant by 400 megawatts (MW).
First Gen is also looking to put up the San Gabriel natural gas-fired power project in Batangas.
“For San Gabriel, we have been pursuing that on our own so far but we are open to partners who can make it happen,” Lopez said.
In August, First Gen announced that it is in talks with Pangilinan-led Meralco Powergen Corp. for the 300 to 500 MW San Gabriel power project.
“At the same time, we have always been ready to do it on our own,” Lopez said.
Meralco Powergen’s possible deal with First Gen is part of the company’s plan to reach a generation capacity of 2,500 MW from now until 2020.
Meanwhile, First Gen will still join the Department of Energy’s bidding of service contracts for run-of-river hydropower projects despite delays.
“We have teams that are constantly looking at all those,” Lopez said.
The DOE will auction around 40 mini-hydropower projects late this year instead of the previous target of third quarter.
The mini-hydropower and the Pagbilao expansion forms part of First Gen’s target of increasing its portfolio by an attributable capacity of 400 to 500 MW in the next two to three years, Lopez said.
“San Gabriel has always been there. That is probably on top (of the 400 to 500 MW),” Lopez said.
Lopez said the company expects its income to surge to $150 million.
In the first half, the power producer recorded $92.8 million in net income attributable to equity holders of the parent firm, turning around from a $16-million net loss a year ago due to profit contributions from its operations.
First Gen initially targeted to triple its full year earnings from $35 million last year.
“A big chunk of income is ancillary services that you cannot tell when it will be on,” Lopez said.
In May, First Gen bought the remaining 40-percent stake of the BG Group in First Gas Holdings Corp. for $360 million.
First Gen now owns 100 percent of First Gas, which owns and operates the 1,000-MW Sta. Rita combined-cycle natural gas-fired power plant and the 500-MW San Lorenzo natural gas power plant.
To date, First Gen and its units have a gross generating capacity of 2,763 MW, of which 1,500 MW is natural gas, 1,129 MW is geothermal and 134 MW is hydropower. It accounts for 18 percent of the country’s total installed power generation capacity. source
First Gen chairman and CEO Federico Lopez, said in an interview, that the company is still interested to buy a minority stake in the $700-milllion expansion of the Pagbilao coal-fired power plant in Quezon province.
“That is still there. That is still alive,” Lopez said.
The joint venture of Japanese firms Tokyo Electric Power Co. and Marubeni Corp., and the Aboitiz Power Corp. is planning to increase the generating capacity of the Pagbilao power plant by 400 megawatts (MW).
First Gen is also looking to put up the San Gabriel natural gas-fired power project in Batangas.
“For San Gabriel, we have been pursuing that on our own so far but we are open to partners who can make it happen,” Lopez said.
In August, First Gen announced that it is in talks with Pangilinan-led Meralco Powergen Corp. for the 300 to 500 MW San Gabriel power project.
“At the same time, we have always been ready to do it on our own,” Lopez said.
Meralco Powergen’s possible deal with First Gen is part of the company’s plan to reach a generation capacity of 2,500 MW from now until 2020.
Meanwhile, First Gen will still join the Department of Energy’s bidding of service contracts for run-of-river hydropower projects despite delays.
“We have teams that are constantly looking at all those,” Lopez said.
The DOE will auction around 40 mini-hydropower projects late this year instead of the previous target of third quarter.
The mini-hydropower and the Pagbilao expansion forms part of First Gen’s target of increasing its portfolio by an attributable capacity of 400 to 500 MW in the next two to three years, Lopez said.
“San Gabriel has always been there. That is probably on top (of the 400 to 500 MW),” Lopez said.
Lopez said the company expects its income to surge to $150 million.
In the first half, the power producer recorded $92.8 million in net income attributable to equity holders of the parent firm, turning around from a $16-million net loss a year ago due to profit contributions from its operations.
First Gen initially targeted to triple its full year earnings from $35 million last year.
“A big chunk of income is ancillary services that you cannot tell when it will be on,” Lopez said.
In May, First Gen bought the remaining 40-percent stake of the BG Group in First Gas Holdings Corp. for $360 million.
First Gen now owns 100 percent of First Gas, which owns and operates the 1,000-MW Sta. Rita combined-cycle natural gas-fired power plant and the 500-MW San Lorenzo natural gas power plant.
To date, First Gen and its units have a gross generating capacity of 2,763 MW, of which 1,500 MW is natural gas, 1,129 MW is geothermal and 134 MW is hydropower. It accounts for 18 percent of the country’s total installed power generation capacity. source
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