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First Philippine Holdings Corporation (FPH) has officially transferred full ownership of Pi Energy, Inc. to its subsidiary, First Gen Corporation, through a PHP 1.007 billion share assignment. The strategic move aligns with the Lopez Group’s broader goal of consolidating its clean energy assets under a single, unified platform. The deal includes the assignment of 210,330 common shares valued at PHP 210,330 and 2,781,764 preferred shares worth PHP 1,006,647,645 — bringing the total transaction value to PHP 1,006,857,975 (approximately USD 20 million). Pi Energy is known for providing a range of sustainable energy solutions, including microgrids, rooftop solar installations, energy audits, remote monitoring systems, and energy efficiency services. Its solutions cater primarily to businesses and institutions seeking to lower emissions and reduce energy expenses. The acquisition is expected to enhance First Gen’s portfolio of decarbonization and distributed energy services. The company already operates one of the largest renewable energy portfolios in the country, spanning geothermal, hydro, solar, and wind power. In a statement, FPH emphasized that the move is part of its strategy to streamline business operations and improve portfolio management across the group. |
