Geothermal energy needs more support–First Gen
Singapore—The Philippines, currently the third largest geothermal producer, will need more government support to ensure it will not get displaced by other geothermal giants, an executive of First Gen Corp. said.
Speaking to reporters on Tuesday, First Gen vice president Jay Joel Soriano admitted that since the country considered geothermal as an “old technology,” the sector was not seeing “broad government support.”
He said that it was only recently that geothermal was included in the fourth round of the green energy auction program, a government initiative meant to attract more renewable projects through fixed rates to winning bidders.
Soriano, who also heads the group’s strategy and planning, is hopeful about the realization of the planned rollout of the initial $250-million de-risking fund for geothermal developers, as firms solely shoulder hefty upfront capital in exploring possible sites.
First Gen is a leading renewable energy producer in the Philippines, with the bulk of its capacity sourced from geothermal facilities.
“I think if they can help us de-risk that upfront investment, you know, then it will pave the way to more and more developments in the Philippines,” Soriano said on the sidelines of the Asia Clean Energy Summit 2025 in Singapore.
“The sooner help comes, the better,” he added.
Sought for her reaction, Energy Secretary Sharon Garin, who was also at the event, said they were already finalizing the deal with Landbank of the Philippines for the de-risking facility.
Based on his presentation, the United States continues to be the dominant player with 3,794 megawatts (MW), while Indonesia comes second with 2,356 MW.
The Philippines, meanwhile, has 1,935 MW of geothermal capacity. Turkiye is closing in with 1,682 MW.
With adequate support from the government, the official said producers could boost their war chest in investing in new technologies, which can bolster their capacity to unlock more capacity.
“The traditional geothermal technology still makes sense. But to expand, to retain our leadership position, I think we need to start looking at other technologies, technologies that are still quite nascent, technologies that have potential in the Philippines,” he said.
Asked about how much more geothermal resource could be tapped, Soriano said the country’s true potential could be estimated once new technologies are introduced in the market.
For First Gen’s part, he said they have been exploring possible partnerships abroad for the deployment of new technologies.
