Philippine renewable energy producer First Gen Corp. has raised US$170 million by issuing shares to its parent company to fund new projects.
First Gen said it had sold 297million unissued common and treasury shares to First Philippine Holdings at about US$57 cents each, it said in a disclosure to the Philippine Stock Exchange. The price o the shares represents about a 3% discount to the company’s last traded price.
“The proceeds raised in the private placement will help bring First Gen closer to achieving its growth targets,” the company said. The funds will be used to invest in power projects and general corporate purposes, it said.
First Gen has a portfolio of 2,783 megawatts of energy projects, including geothermal and small hydro projects.