LOPEZ-LED First Philippine Holdings Corp. (FPH) sold its shares in Pi Energy, Inc., its energy solutions platform, to its power generation arm, First Gen Corp., for P1.006 billion.
In separate disclosures, FPH and First Gen said they executed a deed of assignment for the purchase of 210,330 common shares at P1 each and 2.78 million preferred shares at P361.873 each in Pi Energy.
The purchase of common shares and preferred shares amounted to P210,330 and P1.006 billion, respectively.
“Given that FGEN is the FPH Group’s platform for delivering value-added and decarbonization solutions, the transfer of Pi Energy to FGEN aligns with the group’s efforts to streamline its business holdings and better manage its portfolio,” the companies said.
Pi Energy provides customers with energy solutions through a range of products and services such as microgrids, solar rooftops, energy audits, remote energy monitoring, and energy efficiency, among others.
“This transaction is expected to generate synergies and value-accretive returns for FGEN’s shareholders,” the companies said.
Pi Energy has helped First Gen and its partners deliver energy solutions such as remote energy monitoring systems, allowing companies to track their energy consumption in real time.
First Gen has a total of 3,668 megawatts of combined capacity from its portfolio of plants that run on geothermal, wind, hydro, solar energy, and natural gas.
For the first quarter, First Gen saw its attributable net income climb 4.4% to $82.3 million, driven by lower operating expenses.
Revenues declined 2.2% to $583.3 million due to lower electricity sales volumes across the natural gas and geothermal platforms.
At the local bourse on Monday, shares in the company rose 0.24% to P16.54 each. — Sheldeen Joy Talavera