ABOUT THE COMPANY: AT A GLANCE
First Gen’s identity is guided by its commitment to meet the Philippines’ critical energy needs while supporting a more sustainable future. This summary highlights the key operational and strategic benchmarks that define our role as the Philippines’ renewable power producer.
Portfolio Scale.
31 power plants with a total renewable installed capacity of 1,764.2 megawatts (MW)
Leadership in Renewable Energy.
This core portfolio includes 1,302.8MW of geothermal, 299.4MW of hydro, 150.0MW of wind energy, and 12.0MW of solar, alongside 40.0MWh of battery storage (BESS)
National Impact.
Provides about a quarter of total renewable energy generated in the Philippines
Market Pivot.
Completed a strategic divestment of 60 percent of natural gas assets in November 2025 and turned over operational control to their new owner, while retaining a 40-percent interest and reallocating capital to renewable energy
Regenerative Aspiration.
Success is measured by the ability to restore natural systems and build community resilience while expanding capacity
Who We Are: Integrating the Energy Transition
First Gen operates at the critical intersection of the Philippines’ energy trilemma: the urgent need for climate-resilient power, the imperative for grid reliability, and the national transition to a net-zero economy.
Meeting these goals requires us to navigate the inherent tensions of an energy industry in transition. We are a renewable energy leader operating within a legacy-dominated system; a developer of essential infrastructure committed to advancing solutions that restore ecosystems rather than deplete resources; and a wholesale power producer evolving into a dedicated partner for customer decarbonization.
We do not view these as competing interests, but as the essential work of modern energy leadership. The ability to integrate these forces—balancing immediate grid stability with long-term regenerative goals—is the core of our strategic model. For First Gen, success is measured by our ability to restore natural systems and build community resilience even as we expand capacity. Our ambition is to provide proof that industrial development can, and must, act as a regenerative force for the planet.
The Lopez Credo and Values
We, as employees of the Lopez group of companies, believe that our primary reason for being is to serve God and the Filipino people. Thus, we shall always conduct ourselves in a manner that is mindful of the long-term mutual benefit of the Lopez Group and the various publics we serve. We will be responsible stewards of all our resources, and conscious of our obligation to present and future generations.
Since 1928, and in the years and generations to follow, our commitment to the distinctive Lopez values will not change as we remain committed to serve our stakeholders. In our service to the Filipino people, we will be guided by the following distinct Lopez Values:
- A Pioneering Entrepreneurial Spirit
- Business Excellence
- Unity
- Nationalism
- Social Justice
- Integrity
- Concern for Employee Welfare and Wellness
We know from generations of experience that it is by living according to these values that a company can be built to last.
Our Purpose
We recognize that our planet’s life support systems and social institutions are at a breaking point. Unbridled consumption and the primacy of bottom-line growth are at the root of the climate crisis and the profound social divisions that have become existential threats today.
Sustainability that seeks only to do less harm is no longer sufficient. We must instead create symbiotic, mutually beneficial relationships with nature and society that benefit more than just shareholders. As a regenerative force, First Gen seeks to elevate every stakeholder we touch—customers, employees, suppliers, the environment, and our communities. We recognize that we exist within nested systems and must play a reciprocal, synchronized role in a world that needs to be healed. Thus our purpose has evolved into aiming to give everyone the opportunity to thrive in a healthy planet.
The Decarbonization Leader: A Renewable Energy Portfolio
As the primary energy platform of First Philippine Holdings Corporation (FPH), we have translated our regenerative mandate into a nationwide infrastructure for clean energy.
First Gen manages a diverse portfolio of 31 power plants with a total installed capacity of 1,764.2MW. As of December 31, 2025, our low-carbon leadership is anchored by:
Our operations supply approximately one-third of the Philippines’ total renewable electricity. Beyond generation, we are expanding our impact through Pi Energy, providing beyond-kWh services that empower our customers to navigate their own decarbonization. By upholding a decade-long mandate against coal and providing 24/7 renewable baseload energy, we are systematically de-risking the Philippines’ transition toward a high-reliability, renewable future.
The Diverse Energy Mix
First Gen’s generation strategy is mostly anchored in renewable energy, prioritizing carbon-free sources to ensure that national growth is powered by a mix that is both environmentally regenerative and operationally resilient.
Geothermal Power: Renewable Baseload Generation
Our geothermal operations utilize high-pressure hydrothermal fluids to drive power turbines. After heat extraction, condensed water is reinjected to replenish the reservoir and support long-term resource management. As a renewable baseload source, geothermal provides the continuous electricity supply required to meet round-the-clock industrial and residential demand.
Hydroelectric Power: Flexible Renewable Capacity
First Gen’s hydroelectric facilities convert the kinetic energy of flowing water into electricity, returning the water to its source after generation. Beyond renewable power generation, these assets provide essential ancillary services to the national grid, maintaining grid stability.
Wind Power: Variable Renewable Generation
Our wind facilities utilize large-scale turbines strategically positioned to optimize local wind capture, converting the aerodynamic force of the wind into zero-emission electricity.
Solar Power: Distributed and Utility-Scale Renewables
Through photovoltaic systems, we convert sunlight directly into electrical current. This renewable source is deployed across both utility-scale installations and smaller, facility-based systems.
In November 2025, First Gen completed a strategic divestment of 60 percent of its natural gas assets to free capital for further renewable expansion.
First Gen retains 40 percent economic ownership in these facilities, but operational control has been turned over to their new owners. As such, this Report will no longer include ESG data about the natural gas assets.
Business Review
First Gen Corporation is shaped by the choices we make—choices that are not always easy, but are deliberate and guided by a long-term view. Over time, these decisions build on one another, creating a compounding effect that strengthens the Company’s direction and impact. In 2025, that steady accumulation of good choices became evident. First Gen closed a material and strategic divestment, strengthened community partnerships, and continued building on capabilities needed for the future. Each milestone reflects the company’s commitment to making informed decisions today that will enable greater possibilities tomorrow.
JANUARY
BGI’s Tanawon Geothermal Project Gets Grid Connection Approval
The Energy Regulatory Commission (ERC) authorized Bac-Man Geothermal Inc. (BGI) to build dedicated transmission facilities connecting its 21.57MW Tanawon Geothermal Power Project in Sorsogon City to the Luzon grid, bringing in indigenous renewable baseload power online.
APRIL
Climate in 2 Minutes Returns for Season 4
First Gen’s climate science education series returned with a focus on the Philippines’ National Adaptation Plan, translating the climate policy into actionable insights for businesses, local governments, and communities. The season reinforces that adaptation is necessary for a climate-resilient Philippines.
MAY
First Gen Acquires Pi Energy in PHP1-Billion Deal
First Gen completed the acquisition of Pi Energy from First Philippine Holdings for PHP1.0 billion, bringing solar installations, energy audits, remote monitoring, and efficiency services under the First Gen. As an energy solutions partner, Pi Energy strengthens the company’s ability to deliver clean energy solutions that support customers in improving energy efficiency and advancing decarbonization goals.
First Gen Signs Term Sheet to Sell 60 Percent of Gas Business to Prime Infrastructure Capital Inc. (Prime Infra)
First Gen committed to transferring 60 percent of its gas businesses—including the Santa Rita, San Lorenzo, San Gabriel, Avion and Santa Maria plants and the Liquified Natural Gas (LNG) Terminal—to Prime Infra for PHP50 billion.
JULY
Share Purchase Agreement Signed: Prime Infra to Acquire 60 Percent of First Gen’s Gas Business
First Gen Corporation and Prime Infra have signed a Share Purchase Agreement for the divestment of First Gen’s natural gas assets, pending approval from the Philippine Competition Commission and fulfillment of other customary closing conditions. Under the terms, Prime Infra is set to acquire a 60 percent stake in the gas business for PHP50 billion, with adjustments and potential earnout provisions, establishing a strategic partnership between two of the country’s leading energy firms.
Fresh River Lakes Corp. Secures PHP15-Billion Loan Facility
First Gen subsidiary FRLC signed loan agreements with Bank of the Philippine Islands (BPI), Banco de Oro (BDO), and Rizal Commercial Banking Corporation (RCBC) for a total of PHP15 billion, providing the financial backbone for the renewable project development and operations.
First Gen Powers FPIP in Landmark Clean Energy Retail Aggregation Deal
First Gen and Pi Energy, through First Gen Energy Solutions, successfully rolled out the Retail Aggregation Program (RAP) to supply 21 subsidiaries of the FPH Group that includes First Philippine Industrial Park (FPIP) with electricity sourced from renewable power plants—a milestone that demonstrates the company’s growing retail energy capabilities and the viability of RE-based industrial supply.
Renewed ESCO Certification from the Department of Energy
Pi Energy received the renewal of its Energy Service Company (ESCO) certification from the Department of Energy, reaffirming its technical expertise and strong track record in the development and implementation of solar energy projects.
AUGUST
EDC Gets ERC Approval to Connect Bac-Man Battery Storage to Luzon Grid
The ERC approved EDC’s application to connect its 20-MWh Bac-Man battery energy storage system to the Luzon grid, a significant step in integrating dispatchable storage into the Philippine energy system.
SEPTEMBER
First Gen and Sinar Mas Form Joint Venture for 400MW Indonesia Geothermal Development
EDC and PT Dian Swastatika Sentosa Tbk (DSSA) of the Sinar Mas Group signed an agreement to jointly develop approximately 400MW of geothermal energy in Indonesia—extending First Gen’s clean energy expertise beyond the Philippines.
First Gen Named Sustainability Champion by The Manila Times
First Gen was recognized as a Sustainability Champion at The Manila Times’ awards evening in Pasay City, affirming the company’s leadership in clean energy and its broader contributions to climate action, community uplift, and responsible corporate citizenship.
Bac-Man Battery Energy Storage System (BESS) Begins Commercial Operations
The Bac-Man BESS achieved its Commercial Operations Date (COD) in September 2025 and commenced full commercial operations.
OCTOBER
Philippine Competition Commission Clears Prime Infra Gas Acquisition
The Philippine Competition Commission (PCC) granted regulatory clearance for Prime Infra’s acquisition of 60 percent of First Gen’s gas business, removing the final major condition before closing.
NOVEMBER
First Gen Wins Bronze at Asia’s Best Integrated Report Awards
First Gen earned a Bronze Award in the Asia’s Best Integrated Report (Large Company) category at the 11th Asia Integrated Reporting Awards in Singapore in recognition of the company’s commitment to transparent, high-quality communication of long-term value creation.
Gas Divestment Closes: Prime Infra Now Holds 60 Percent of First Gen’s Gas Business
The PHP50-billion transaction between First Gen and Prime Infra has been successfully completed, with Prime Infra now owning a 60 percent share of First Gen’s gas operations. First Gen retains a 40 percent stake, preserving a strategic role in the business while directing resources toward accelerating its renewable energy expansion.
Pantabangan and Masiway Hydro Plants Secure Perpetual Operating Licenses
First Gen Hydro Power Corporation’s 120.8MW Pantabangan and 12MW Masiway plants received Certificates of Compliance from the ERC under the more stringent requirements of ERC Resolution 17, series of 2023. These are now perpetual licenses—no renewal required.
First Gen and Climate Change Commission (CCC) Renew Partnership
First Gen and the CCC signed a renewed Memorandum of Agreement to advance climate adaptation in First Gen’s host communities, covering localized risk profiling, Local Climate Change Action Plan enhancement, and co-developed knowledge materials. A whole-of-society approach, formalized into action.
Southern Negros BESS Reaches COD
The Southern Negros BESS reached its COD in November 2025, marking its transition to full commercial operations.
DECEMBER
Daloy 2025: Honoring Regenerative Leadership and Strengthening Strategic Partnerships
First Gen hosted its annual Customer Appreciation Night (CAN) titled Daloy 2025, celebrating the “steady flow of purpose, partnership, and progress” toward a decarbonized future. During the event, Unilever Philippines (Retail) and NORECO II (Electric Cooperatives) were honored with the Bakawan Award, also known as the Customer of the Year Award, for their outstanding contributions to regenerative practices. This annual event serves as a platform to strengthen customer relationships and foster a shared commitment to renewable energy. By recognizing regenerative excellence, First Gen not only reinforces brand loyalty but also inspires partners to explore innovative ways to advance our collective vision for a greener Philippines.
Tongonan BESS Achieves COD
The Tongonan BESS achieved its Commercial Operations Date (COD) in December 2025 and entered commercial service.
Organizational Structure
