Publicly listed renewable energy (RE) provider First Gen Corp. has acquired 100 percent ownership of Pi Energy Inc. from their mutual parent First Philippine Holdings (FPH) Corp. for P1 billion.
First Gen said in a statement on Monday the acquisition covers 210,330 common shares valued at P1 per share, and 2,781,764 preferred shares valued at P361.873 per share.
Pi Energy is in the business of providing energy solutions through an arsenal of products and services such as microgrid, solar rooftop, energy audit, remote energy monitoring and energy efficiency.
First Gen Pi Energy are sister companies through parent FPH prior to this acquisition deal.
“Given that First Gen is the FPH Group’s platform for delivering value-added and decarbonization solutions, the transfer of Pi Energy to First Gen is aligned with the group’s efforts to streamline its business holdings and better manage its portfolio,” First Gen said.
This transaction is expected to generate positive changes in value and returns for Fer Gen’s shareholders, the company said.
Last month, Sanyo Denki Philippines Inc. tapped Pi Energy to provide a remote energy monitoring system that will enable Sankyo to see real-time power consumption and help the manufacturing company rationalize and optimize power costs.
Sankyo manufactures uninterruptible power supply devices, photovoltaic inverters, alternating current (AC) servo motors, AC servo amplifiers and stepping motors.
First Gen has 1,651 megawatts (MW) of installed RE capacity from 28 solar, wind, hydro and geothermal power plants.
It has a further 2,017 MW capacity from four other power plants that run on natural gas, for a total capacity of 3,668 MW.
The company aims to grow its total capacity to 13,000 MW in the next five years and spend as much as $20 billion in the runup to 2030.
