KKR & Company Incorporated (KKR) will expand its investment portfolio in the Philippines’ energy sector to develop more clean energy sources. The company will invest in a variety of energy sources, including renewables like wind and solar power.
KKR will also increase its interest in First Gen Corporation (First Gen), an independent power producer in the Philippines, and increase investments in clean projects such as natural gas, geothermal energy from steam, hydro-electricity, wind, and solar power. KKR has submitted a tender offer through its subsidiary Philippines Clean Energy Holding Incorporated, to buy a minimum of 108 million to 205 million outstanding common shares from current First Gen stockholders at the rate of PHP33 per share. The shares to be purchased are worth a minimum of PHP3.56 billion and a maximum of PHP6.765 billion, representing around 3 to 5.7 per cent stake in First Gen.
