2023 Key Milestones

In 2023, First Gen overcame many challenges to make significant progress with our current and upcoming projects.

First Gen remains committed to our Mission and Purpose which guides our strategy to create enduring value for all our stakeholders. The Company continues to uphold this commitment by reaching these key milestones.

Our key milestones focused on decarbonizing our assets, and increasing our share of renewables, as well as creating a safe and capable environment for our stakeholders, while making sure that the lights stay on for the whole country.

January

First Gen formalized a partnership with the Climate Change Commission (CCC) with the signing of a Memorandum of Agreement that will support local government units (LGUs) in mainstreaming climate change action and accessing the People’ s Survival Fund.

The Department of Environment and Natural Resources (DENR) partnered with Energy Development Corporation (EDC) in developing a strategic program called “TRANSFORM" (Transdisciplinary Approach for Resilience and Environmental Sustainability Through Multi- Stakeholder Engagement) to complement and enhance the climate action and resilience initiatives of its host Ormoc LGU.

The Wholesale Electricity Spot Market (WESM) in Mindanao commenced commercial operations last January 26, 2023, this allowed our Mt. Apo Geothermal Power Plants ’ capacities to start trading in the spot market.

February

First Gen signed a Memorandum of Understanding (MOU) with the Department of Science and Technology- Philippine Council for Agriculture, Aquatic and Natural Resources Research and Development (DOST- PCAARRD). The deal lets the two parties jointly explore and support agribusiness technologies and projects that will improve the livelihood of small farmers and fishermen.

FG Bukidnon obtained approval from the Independent Electricity Market Operator of the Philippines (IEMOP) as WESM Direct Member and Trading Participant (Generation Company Category). The WESM membership was deemed effective on January 12, 2023.

EDC secured a PHP3 billion loan from Banco de Oro (BDO).

March

First Gen signed a Special Use Agreement in Protected Areas (SAPA) with the DENR for the development of a 120-MW pumped storage hydroelectric facility in Pantabangan, Nueva Ecija, while preserving the project site as part of a protected area.

Started the site construction of the 28-MW Mahanagdong Geothermal Brine Optimization Plant.

April

First Gen won two bronze awards at the 8th Asia Integrated Reporting Awards in the following categories: Asia’ s Best Integrated Report (Integrated Thinking) Award and Asia ’ s Best Integrated Report (CEO Message). EDC clinched one gold and two silver awards in three categories—Asia ’ s Best Sustainability Report (CEO Letter), Asia’ s Best Integrated Report (Value Creation), and Asia’ s Best Sustainability Report (Private Company).

EDC secured a PHP2 billion loan from China Banking Corporation (CBC).

May

First Gen, through its wholly-owned subsidiary Fresh River Lakes Corp., was the highest bidder for the privatization of the 165-MW Casecnan Hydro Electric Power Plant in Pantabangan, Nueva Ecija on May 16, 2023. Fresh River Lakes Corp. received the Notice of Award on May 26, 2023.

First Gas Power Corporation (FGPC), FGP Corp. (FGP), First NatGas Power Corp. (FNPC), and Prime Meridian Powergen Corporation (PMPC) adopted plantations that can serve as carbon sinks in coordination with First Gen Hydro Power Corporation (FGHPC). The four gas companies executed an agreement with various farmer associations and agreed to provide funding for the establishment, maintenance, replanting, and enhancement planting activities in the 1,209-hectare plantation of BINHI, a Greening Legacy Program within Pantabangan-Carranglan Watershed Forest Reserve (PCWFR).

June

First Gen welcomed the arrival of BW Batangas, a floating storage and regasification unit (FSRU) as part of its interim offshore liquefied natural gas (LNG) terminal project in Batangas Bay.

First Gen inked a MOU with Prime Infrastructure Capital Inc. (Prime Infra) for the lease and operation of the latter’s LNG storage and regasification terminal for its gas aggregation business plan.

Celebrated the 40th anniversary of the 112.5-MW Palinpinon-1 Geothermal Power Plant.

EDC secured a PHP2 billion loan from Bank of the Philippine Islands (BPI).

July

Mobilization and berthing of the FSRU BW Batangas pursuant to the Time Charter Party (TCP) executed by FGen LNG Corp, a wholly owned subsidiary of First Gen with BW FSRU IV Pte Ltd (BW).

August

First Gen received the first delivery of imported LNG.

September

EDC secured a PHP2 billion loan from BDO.

November

First Gen signed Term Loan Agreements for an aggregate PHP20 billion with BDO and BPI for the Company ’ s growth projects, including the acquisition of the 165-MW Casecnan Hydroelectric Power Plant.

The mechanical completion of the 29-MW Palayan Bayan Binary Power Plant

First send-out of LNG from the FSRU to the First Gen gas power plants

December

A 15-year terminal lease agreement was signed between FGen LNG and Gas Aggregator Philippines Inc., a wholly owned subsidiary of Prime Infra. The lease of the FGEN LNG terminal will form part of Prime Infra ’ s proposed gas aggregation strategy, which will enable it to deploy a tolling business model. The proposed business model will allow Prime Infra to leverage its existing Malampaya project facilities and its expertise in the natural gas market.

FGen LNG’ s completion of commissioning of the FSRU

EDC secured a PHP3 billion loan from BPI.