‘Amicable and lasting’: Piki Lopez shares hope for healing

First Gen Corp. Chief Executive Officer Federico “Piki” Lopez moved to reassure investors that the clean energy producer’s operations remain unaffected by the months-long family rift, after the holding company board withdrew a resolution to oust him. Speaking at the company’s annual stockholders’ meeting on Thursday, May 28, Lopez confirmed he remains at the helm of the power producer. The announcement follows a decision by the majority bloc controlling 71 percent of Lopez Inc. to retract an earlier push for his removal, a shift toward resolving the internal dispute privately. “It’s my hope that this initial step will lead to an amicable, fair, and lasting resolution of the rift within the family and the Lopez Group,” Lopez said. He emphasized his commitment to serving as a steward for First Gen and parent firm First Philippine Holdings Corp., noting the presence of institutional minority shareholders with significant economic interests. Lopez added that he remains prepared for any outcome from the private family discussions while fulfilling his fiduciary duties. The corporate infighting had threatened to complicate First Gen’s sprawling expansion plans, particularly its partnerships with billionaire Enrique Razon’s Prime Infrastructure Capital Inc. Together, the two groups are navigating major transactions in the gas and hydropower sectors valued at more than ₱111.9 billion. First Gen President and Chief Operating Officer Francis Giles Puno clarified that the board had already thoroughly vetted the Change of Management Control clauses embedded in their agreements with Prime Infra. The clauses were deliberated and approved during a February 2026 board meeting, prior to signing the head of terms. The management safeguards are critical to the partnership’s valuation. Under a ₱61.9-billion deal, First Gen is acquiring a 33 percent stake in Prime Infra’s 2,000-megawatt pumped-storage hydropower portfolio, which includes the Wawa and Pakil projects. However, the agreement dictates that if a change in management control occurs during construction or within a year of commercial operations, Prime Infra retains the right to buy out 25 percent of First Gen’s stake. A similar clause governs their ₱50-billion natural gas joint venture, where a management shakeup would trigger a provision allowing Prime Infra to absorb First Gen’s remaining shares at the same 25 percent markdown. According to Puno, the strict clauses reflect Prime Infra’s reliance on the current leadership’s operational expertise.