2016 ANNUAL REPORT

A FORMIDABLE MARKET PLAYER WITH A PROVEN TRACK RECORD

First Gen Corporation (First Gen) owns and operates 22 power plants across Luzon, Visayas, and Mindanao with 3,471 megawatts (MW) of capacity – 21.4 percent of the Philippines’ gross generation. The Company has a strong track record of developing, financing, building, bidding for, and operating power generation projects that have made First Gen into a leading power producer in the Philippines.
The Company has an established track record of developing and implementing projects that deliver robust and stable cash flow.

FINANCIAL PERFORMANCE (Amounts in USD Thousands Except per Share Data) (Audited)

NATURAL GAS POWERHOUSE

First Gen’s 1,000-MW Santa Rita and 500-MW San Lorenzo plants, as well as the newly constructed 97-MW Avion peaking and 414-MW San Gabriel mid-merit power plants, collectively constitute the country’s largest natural gas-fired power plants. Both Avion and San Gabriel capitalize on the growing demand for peaking and mid-merit power in the Luzon grid and have been in commercial operations since September and November 2016, respectively.