First Gen Corporation (FGEN) awards TotalEnergies Gas & Power Asia Private Limited (TEPGA) a contract to supply one of its Liquified Natural Gas (LNG) cargo.
The LNG cargo, which is approximately 154,500 m3, would be delivered in early February 2024 on a Delivered Ex Ship (DES) basis to FGEN’s wholly-owned subsidiary, First Gen Singapore Pte. Ltd (FGEN Singapore).
The cargo would then be unloaded into the storage tanks of the BW Batangas FSRU at the First Gen Clean Energy Complex (FGCEC) in Batangas City. The LNG would be utilized by FGEN’s existing gas-fired power plants located within the confines of FGEC.
Currently, FGEN’s portfolio consists of four operational gas-fired power plants with a combined capacity of 2,017 MW. These facilities have long been supplied with gas from the Malampaya gas field.
Having the FGEN LNG Terminal would prove to be beneficial as it would expedite the introduction of LNG to the Philippines, meeting the natural gas needs of third-party and FGEN affiliates’ current and future gas-fired power plants.
“FGEN believes the FGEN LNG Terminal will play a critical role in ensuring the energy security of the Luzon Grid and the Philippines,” said the company in its disclosure to the Philippine Stock Exchange.
As part of its strategic initiatives, First Gen secured a Php 20 billion loan agreement with BDO Unibank, Inc. (BDO), and Bank of the Philippine Islands (BPI) for acquiring the 165-megawatt (MW) Casecnan hydroelectric power project (CHEPP) in Nueva Ecija.
The acquisition aligned with First Gen’s strategy to enhance collaboration between the Casecnan and Pantabangan-Masiway hydropower facilities, both situated in Nueva Ecija.
