First Gen clinches supply deal with Mindanao firm

First Gen Corp. is strengthening its presence in Mindanao as it bagged a new power supply deal for a cold storage facility.

Mets Cold Storage Services, Inc. (Mets) tapped the Lopez-led firm to energize its warehouse in Cagayan de Oro City, the latter said on Wednesday.

Currently, the Mets facility has a capacity of more than 7,100 metric tons of cold storage space.

Under the agreement, First Gen will provide up to 2,050 kilowatts in support of the facility’s expansion.

The electricity supply will come from First Gen’s Mt. Apo Geothermal Power Plant in Cotabato. Energy Development Corp. operates this facility.

“We are pleased to partner with First Gen to reduce the energy intensity of our cold storage operations,” Mets chief operating officer Donna Robles said in a joint statement.

“This move will reduce not just our energy cost but our carbon footprint as well, while providing a stable power supply,” Robles said.

With about 15 years of experience in the market, Mets has already scaled up its operations with facilities in Cavite, Bulacan, Cebu and Cagayan de Oro.

“Cold storage is critical for ensuring safety and sanitation across the supply chain for food and even medicines,” said Arlene Sy-Soriano, assistant vice president and head of sales and engagement at First Gen.

The bulk of First Gen’s renewable energy portfolio is from geothermal power, reaching about 1,200 megawatts (MW).

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The group’s hydro, wind and solar projects have a combined capacity of more than 400 MW.

First Gen has set an ambitious goal of growing its portfolio to 13,000 MW by 2030. This push includes interests in natural gas plants.

To hit this goal, First Gen’s top officials said the firm would heavily bank on expansion in the geothermal power segment. This, given that geothermal power generators can run round the clock to meet minimum demand.

The group finished the first half of 2025 with an almost flat growth in net income at P8.6 billion. Gains from its hydro were not enough to offset its weaker geothermal power and gas businesses.