First Gen acquires renewables platform for $18.1m

The transaction involves a full takeover of the platform.

First Gen Corporation has announced its acquisition of Pi Energy, Inc. from First Philippine Holdings Corporation for $18.1m (PHP 1.01b).

In a bourse filing, First Gen said a deed of assignment has been executed for the acquisition of over 210,330 common shares and 2,781,764 preferred shares.

Pi Energy provides energy solutions through products and services such as microgrid, solar rooftop, energy audit, remote energy monitoring, and energy efficiency, amongst others.

“The transfer of Pi Energy to First Gen is aligned with the group’s efforts to streamline its business holdings and better manage its portfolio,” the statement read.

$1 = PHP55.80