First Gen Corporation (FGEN) has successfully acquired full ownership of Pi Energy, Inc. (Pi Energy) from its parent company, First Philippine Holdings Corporation (FPH). The acquisition was formalized today through the execution of a Deed of Assignment between FPH (as Assignor) and FGEN (as Assignee), transferring a total of 210,330 common shares and 2,781,764 preferred shares of Pi Energy to FGEN.
The total acquisition price amounts to Philippine Pesos: One Billion Six Million Eight Hundred Fifty-Seven Thousand Nine Hundred Seventy-Five (PHP1,006,857,975.00), with PHP210,330.00 allocated to the common shares and PHP1,006,647,645.00 for the preferred shares.
This strategic move is expected to generate significant synergies and provide value-accretive returns for FGEN’s shareholders, strengthening FGEN’s position as a leading provider of clean and sustainable energy solutions in the Philippines.
Synergies with FGEN’s Business Strategy
Pi Energy is a well-established player in the energy solutions sector, offering an array of services, including microgrids, solar rooftop installations, energy audits, remote energy monitoring, and energy efficiency solutions. With FGEN already serving as the platform within the First Philippine Holdings (FPH) Group for value-added and decarbonization solutions, the acquisition of Pi Energy aligns with the group’s ongoing efforts to streamline business operations and optimize its portfolio.
The acquisition enhances FGEN’s ability to deliver innovative energy solutions that promote environmental sustainability, energy security, and cost efficiency. As the energy transition accelerates, this move further solidifies FGEN’s commitment to supporting the Philippines’ shift toward a low-carbon economy.
First Gen Corporation (FGEN) is one of the Philippines’ leading clean energy companies, focused on the generation of power from natural gas, geothermal, hydro, and wind sources. A subsidiary of First Philippine Holdings Corporation (FPH), FGEN is committed to providing sustainable and environmentally responsible energy solutions to support the country’s growing energy needs.
Pi Energy, Inc. is a leading provider of innovative energy solutions, specializing in products and services designed to optimize energy efficiency and reduce environmental impact. The company offers a wide range of services including microgrid technology, solar rooftop installations, energy audits, and remote energy monitoring systems.
