LOPEZ-LED First Gen Corp. is advancing towards its goal of expanding its portfolio to 13 gigawatts (GW) by 2030 as it is working to roll out renewable energy projects this year.
First Gen targets the implementation of its Aya pumped storage hydropower project in the second half of the year to store and release electricity with a potential capacity between 100 megawatts (MW) and 120 MW, based on its 2024 Integrated Report.
“The detailed engineering design for the electromechanical works has been completed, while the design for civil and hydromechanical works is still in progress,” the company said.
Most of the necessary permits and endorsements have already been secured, paving the way for the next phases of development, it said.
Located within the Pantabangan-Casecnan complex in Nueva Ecija, the facility was previously estimated to cost P6 billion. The project forms part of the company’s goal to grow its renewable energy portfolio capacity to 9 GW by 2030.
To further diversify its portfolio, First Gen said it would pursue a first phase 50-MW solar facility in Batangas this year and “to be followed by an additional 100-MW expansion.”
“First Gen’s solar and wind business units will continue to invest in the feasibility of the concessions that were awarded to the company,” the company said.
“Leveraging on a capability to implement multi-projects on a concurrent basis, the concessions are undergoing prioritization and evaluation, to accelerate projects into the development stage for the solar and wind assets,” it added.
Currently, First Gen has a total of 3,668 MW of combined capacity from its portfolio of plants that run on geothermal, wind, hydropower, solar energy, and natural gas.
In an interview last year, First Gen President and Chief Operating Officer Francis Giles B. Puno said the company had set a capital expenditure budget of around P35 billion for 2025. Approximately 90% of this will be allocated to the drilling activities and growth projects of its renewable energy subsidiary, Energy Development Corp.
For 2024, the company’s attributable net income declined by 19%, totaling $252.92 million, due to lower revenues and higher expenses.
“First Gen is forging ahead on many fronts to crystallize the uniqueness and value of our clean and renewable portfolio. We are committed to find solutions to help address the country’s critical issue of energy security.” Mr. Puno said. — Sheldeen Joy Talavera
