First Gen, Ceneco forge power supply deal

LOPEZ-LED First Gen Corp. said it had signed an agreement to supply power to Central Negros Electric Cooperative (Ceneco) for 10 years.

In a media release on Thursday, the company said its subsidiary Energy Development Corp. (EDC) will provide an additional 20 megawatts (MW) for Ceneco’s baseload power supply requirement starting by the fourth quarter.

First Gen Vice-President Carlos Lorenzo L. Vega said the company’s relationship with Ceneco “is one that has been strengthened over time by mutual respect and trust.”

“We’ve shared so much and weathered through many storms — literally and figuratively. And we’re still here trying to do something good for our stakeholders. And now more than ever, I feel like our relationship in terms of value is highlighted,” he said.

According to the company, it has been supplying power to the cooperative at a contracted demand of 20 MW since 2011. The new contract brings the total demand for renewable energy supply to 40 MW.

In June, EDC announced its plan to drill two new exploration areas next year in a bid to expand its geothermal power generation capacity.

First Gen has said that it is targeting to grow its renewable energy portfolio to up to 13 gigawatts (GW) by 2030 from the current capacity of more than 3.4 GW.

At the local bourse on Thursday, shares of First Gen dropped by P0.54 or 2.82% to close at P18.62 apiece. — Sheldeen Joy Talavera

Neil Banzuelo

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular

Your daily news source covering investing ideas, market stocks, business, retirement tips from Wall St. to Silicon Valley.

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 TheProficientInvestor. All Rights Reserved.

To Top