KKR has acquired all of the 262,937,672 common shares of First Gen Corporation that were tendered by shareholders of the company in the Philippines. The transaction has a total investment value of PHP8.68 billion (US$171.16 million). 

The shares represent approximately 7.3% of First Gen’s common shares, which were acquired by Philippines Clean Energy Holding Inc. owned by KKR. The investment is made from the Asia Pacific Infrastructure Fund. After this acquisition, KKR will hold an approximately 19.9% ownership stake in First Gen.

First Gen is an independent power producer in the Philippines that primarily utilizes clean and indigenous fuels such as natural gas, geothermal energy from steam, hydroelectric, wind and solar power. The company has a total of 3.49 GW of installed capacity in its portfolio, which accounts for 19% of the country’s gross generation.