Lopez-led First Gen Corp. (FGen) is looking to add about 100 megawatts (MW) of geothermal capacity to its portfolio with an upcoming exploration project in Mindanao.

In an interview, FGen President Francis Giles Puno said the success of the Amacan geothermal exploration would help boost the country’s renewable energy (RE) share.

’What we're doing [in Amacan] is we're sending a drilling rig toward that area. Hopefully, we will start drilling in Amacan by the next month or so,” he told reporters.

According to Puno, the company expects to generate at least 70 to 100 MW of geothermal capacity if the project is successful.

“In the case of Mindanao, the only geothermal resource there is Mount Apo in Kidapawan. Now, if we’re successful, then this will be the second in Amacan, both developed by First Gen,” Puno said.

In addition to the geothermal project, FGen is also expanding its small-scale solar projects to help achieve its goal of contributing 13 gigawatts (GW) of renewable energy to the country.

“We‘re hoping that we can develop the 50 MW first and then replicate that,“ Puno said.

While the company is optimistic about its clean energy expansion, Puno noted that project execution is a key challenge, especially because other RE sources are intermittent.

He pointed out that geothermal energy, however, can provide a baseload power supply once its potential is fully developed.

He also mentioned the Department of Energy's (DOE) $250 million geothermal de-risking plan, a facility designed to attract more investors by minimizing financial burdens during the initial stages of development with grants or loans.

The de-risking facility is currently awaiting approval from the Investment Coordination Committee (ICC) of the Department of Economy, Planning, and Development (DEPDev).