First Gen sets P41.7B for projects

First Gen Corp. has earmarked bigger investments this year at P41.7 billion to further push for its renewable power projects buildout.

The allotted funding was 24-percent higher than 2025’s P33.5 billion.

After disposing of its controlling stake in natural gas assets for P50 billion last year, the Lopez-led group is making accelerated efforts to expand in the renewable energy market.

Currently, First Gen has a portfolio of more than 1,700 megawatts (MW) of capacity from 28 geothermal, hydro, wind and solar power facilities across the country.

The firm also continues to hold 40 percent in four gas-fired power plants with an aggregate capacity of 2,017 MW.

The company is particularly not putting a brake on its geothermal energy expansion. Energy Development Corp. (EDC) president and COO Jerome Cainglet said more drilling activities and the upgrade of existing facilities will be pursued to boost their output.

Mainly geothermal

EDC is First Gen’s subsidiary focused on renewable infrastructure.

The bulk of its renewable energy capacity is sourced from geothermal sites, making it the leading geothermal producer in the Philippine market.

Outside its home soil, First Gen is also gearing up for its drilling activities in Indonesia, with six sites on its radar.

“We’re looking at around $30 million initially for the exploration and initial drilling. It’s a new opportunity to grow,” Cainglet told reporters.

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Strengthening geothermal capacity helps support the deployment of other renewable energy sources, like wind and solar, as it provides baseload capability. The latter refers to electricity that can be delivered consistently over extended periods.

While the company centers on geothermal power, First Gen also intends to get the ball rolling to scale up its reach in the hydro and solar space.

First Gen has sealed a P75-billion deal with Prime Infrastructure Capital Inc. for a 40-percent stake in the 600-MW Wawa pumped storage hydropower project in Rizal, and the 1,400-MW Ahunan PSH project in Laguna.

First Gen president Francis Giles Puno also said construction works for the group’s first major solar facility in Batangas will soon begin.