First Gen Corp. said subsidiary FGEN LNG Corp. is on track to complete its liquefied natural gas (LNG) terminal in Batangas by the end of first quarter next year.
In a disclosure to the Philippine Stock Exchange yesterday, the company said the project will accelerate the ability to introduce LNG to the Philippines and serve the natural gas requirements of existing and future gas-fired power plants of third parties and First Gen’s affiliates to ensure the energy security of the Luzon Grid and the entire country.
FGEN LNG said the floating storage regasification unit (FSRU) that will be used by the project will be renamed to BW Batangas from BW Paris.
Last year, FGEN LNG and BW LNG executed a five-year time charter party (TCP) for the charter of the FSRU which will be deployed to the First Gen Clean Energy Complex by the end of the second quarter or early third quarter of next year.
BW Batangas will then provide LNG storage and regasification services to First Gen’s existing and planned gas-fired power plants and other third-party terminal users.
“…We are thankful BW LNG readily agreed to rename our FSRU as the BW Batangas before being deployed in the Philippines. This change is intended to acknowledge the historical, current and future support given by the province of Batangas and by our hosts Batangas City and to underscore our commitment to supporting the energy security of the Philippines…,” said Jonathan Russell, First Gen executive vice president and chief commercial officer, in a statement.
First Gen has a combined capacity of 3,495 megawatts with a portfolio including natural gas, geothermal, hydroelectric, wind and solar power capacities.
Data from the Department of Energy showed as of October 2021, the company had the third biggest share in installed generating capacity in the country equivalent to 14.88 percent of the entire mix. – Jed Macapagal
