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Global investment firm KKR has announced that it has acquired 427,041,291 common shares of First Gen Corporation that were tendered by shareholders at the close of the tender offer, representing approximately 11.9% of First Gen’s outstanding common shares.
First Gen is one of the Philippines’ largest independent power producers and is a subsidiary of First Philippine Holdings Corporation. The company primarily generates power through renewable energy and indigenous fuel sources such as natural gas, geothermal energy from steam, hydro-electric, wind, and solar power. First Gen has 3,492 megawatts of installed capacity in its portfolio, which accounted for 21% of the Philippines’ gross power generation in 2019.
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