KKR has agreed to purchase an 11.9 percent stake in First Gen Corp., one of the largest independent power producers in the Philippines.
Under the deal, KKR will acquire 427 million common shares in the company at a price of $0.45 per share, representing a total investment value of $192.2 million, according to an announcement by KKR.
First Gen primarily generates power through renewable energy and indigenous fuel sources such as natural gas, geothermal energy from steam, hydroelectric, wind and solar power. The company has 3,492 megawatts of installed capacity in its portfolio, which accounted for 21 percent of the Philippines’ gross power generation in 2019.
KKR has now invested more than $1 billion in the Philippines and will continue to seek new opportunities to support the country’s growth trajectory through its infrastructure, private equity, real estate an
