Filipino firm to invest $3.14 billion for power generation

May 28, 2013 at 12:51 AM

MANILA, May 28 (UPI) -- Lopez-led First Philippine Holdings Corp. is expanding its power generation portfolio.

FPHC subsidiaries First Gen Corp. and Energy Development Corp. are to make $3.14 billion in investments, which will increase the Lopez Group's generating capacity 50 percent to more than 4,000 megawatts.

"The expansion in power generation within FPHC's portfolio will continue,"

FPHC Chief Finance Officer Francis Giles Puno said in comments published by The Philippine Star. "There is a need for more investments in power generation because of increased capacity requirements.

"We hope to bring in liquefied natural gas to supply the existing 1,500 megawatts and double that to close to 3,000 MW to justify LNG regasification terminal investment."

FPHC subsidiary First Gas will spend $1.6 billion to increase the output of its San Gabriel LNG plants by another 1,300 MW over the next five years, while another $1 billion will be required to construct a LNG receiving and regasification facility.

First Gas owns and operates a 1,000-MW combined-cycle natural gas-fired power plant and a 500-MW San Lorenzo natural gas power facility in Batangas.

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