Japanese firm Tokyo Gas Co. Ltd. has completed its acquisition of 20 percent equity ownership in First Gen Corp.’s FGEN LNG Corp., which owns and operates a liquefied natural gas (LNG) terminal project in Batangas City.
First Gen said in a statement Wednesday the transaction is Tokyo Gas’ first investment in a commercially operational overseas LNG terminal project which was conducted through a subscription to 20 percent ownership in FGEN LNG.
“We welcome Tokyo Gas into the First Gen group. This subscription will deepen our partnership and enhance synergy that will boost our efforts in support of the Philippines’ energy security and stability, even as we all pursue decarbonization,” said Francis Giles Puno, First Gen president and concurrent FGEN LNG vice chairman and chief executive officer.
However, the company did not disclose the amount involved in the acquisition.
In May 2024, Tokyo Gas signed a subscription agreement with First Gen LNG Holdings for the Japanese firm’s minority stake in FGEN LNG. The agreement was tied to a number of conditions precedent, including the procurement of relevant government approvals.
Tokyo Gas also partnered with First Gen in December 2018 for the development and construction of the LNG terminal which later broke ground in May 2019.
The LNG terminal in Batangas was granted a permit to operate and maintain by the Department of Energy, enabling the facility to supply regasified LNG to First Gen’s gas-fired power plants with a total generating capacity of 2,017 megawatts.
