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Manila Bulletin devider Business devider Trade & Industry devider First Gen plans ₱41.7-billion spending for hydro, geothermal assets

First Gen plans ₱41.7-billion spending for hydro, geothermal assets

Published Mar 9, 2026 12:01 am  |  Updated Mar 7, 2026 02:01 pm
First Gen Corp. is accelerating its capital investment program this year as the power generation arm of the Lopez family pursues aggressive expansion of its renewable energy portfolio in the Philippines and Southeast Asia.
Francis Giles Puno, First Gen president, told reporters that the company is prioritizing large-scale hydropower and geothermal projects to bolster its position in the transition toward cleaner energy sources.
Puno said First Gen has earmarked ₱41.7 billion for capital expenditures, a substantial portion of which will support its recent foray into pumped storage hydropower.
The investment follows First Gen’s acquisition of a 40 percent stake in the pumped storage assets of Prime Infrastructure Capital Inc., a firm controlled by tycoon Enrique Razon. The partnership covers the 600-megawatt Wawa project in Rizal and the 1,400-megawatt Ahunan project in Laguna.
Puno noted that the combined 2,000 megawatts of pumped storage capacity is scheduled for completion between 2029 and 2030. These facilities act as massive water batteries, storing energy to be released during peak demand, which Puno described as critical addition to the national grid.
Aside from the Prime Infra venture, First Gen is also developing its own separate 100-megawatt pumped storage facility. Total investment for the joint projects is estimated to reach ₱75 billion, with approximately ₱62.5 billion dedicated to construction and equity requirements.
Simultaneously, First Gen’s subsidiary, Energy Development Corp. (EDC), is intensifying efforts to reverse declining steam production at its geothermal fields.
Jerome Cainglet, EDC president, said the company is currently focused on a multi-year drilling program designed to sustain output and optimize field management. A primary focus is the Leyte geothermal complex, where EDC plans to invest ₱30 billion to replace aging assets and restore roughly 100 megawatts of capacity.
EDC is also looking beyond domestic borders to solidify its standing as a global geothermal leader. The company expects to begin drilling its first well in West Java, Indonesia, this year through a partnership with PT DSSR Daya Mas Sakti.
The collaboration involves exploring six sites, including Sumatra, with an initial ₱1.67 billion ($30 million) allocated for exploration and early-stage drilling. Indonesia currently holds the rank of the world’s second-largest geothermal producer, followed by the Philippines in third and the United States in the top spot.
In the immediate term, First Gen is diversifying into solar power. The company is scheduled to break ground this week on a 50-megawatt solar facility in Tanauan, Batangas, marking its first utility-scale solar project as it expands its footprint in the renewable energy sector.
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