Tokyo Gas Co., Ltd., Japan’s largest natural gas utility company, has finalized its acquisition of a 20% equity stake in FGEN LNG Corporation (FGEN LNG), a subsidiary of First Gen Corporation, from First Gen LNG Holdings Corporation, according to the company's release.
The transaction, announced on February 18, marks Tokyo Gas’ first investment in a commercially operational overseas liquefied natural gas (LNG) terminal, located at the First Gen Clean Energy Complex in Batangas City, Philippines.
FGEN LNG owns and operates an offshore floating LNG terminal, which received the first permit to operate and maintain an LNG facility in the Philippines from the Department of Energy in January. The terminal supplies regasified LNG to First Gen’s gas-fired power plants, with a total generating capacity of 2,017 megawatts.
Tokyo Gas plans to leverage its extensive experience in LNG terminal operations to support the facility’s operation and maintenance. The acquisition follows a series of agreements between Tokyo Gas and First Gen, including a joint development agreement signed in December 2018 and a joint cooperation agreement in October 2020, which facilitated the terminal’s development and construction completed in 2023.
FGEN LNG operates one of two operational LNG receiving terminals in the Philippines, the other owned by Singapore-based AG&P in Batangas, highlighting the competitive LNG market.
Tokyo Gas’ investment aligns with Japan’s broader push to secure LNG supplies, following its participation in U.S. and Australian projects. The terminal’s strategic location supports First Gen’s goal to expand its clean energy portfolio, while Tokyo Gas aims to diversify its LNG supply chain beyond Japan.
Tokyo Gas ia a Japan’s largest natural gas utility company, founded in 1885 and headquartered in Minato, Tokyo, focusing on gas supply, LNG imports, and renewable energy projects.
FGEN LNG Corporation is a subsidiary of First Gen Corporation, based in the Philippines, owning and operating an offshore floating LNG terminal in Batangas City, the first to receive an operate and maintain permit in the country.
First Gen Corporation, a Lopez-led Philippine renewable energy company, headquartered in Pasig City, specializing in gas-fired, hydroelectric, and geothermal power generation, with FGEN LNG as a key subsidiary.