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Manila Bulletin devider Business devider Trade & Industry devider First Gen to finish new hydro power plant by late 2026

First Gen to finish new hydro power plant by late 2026

Published Apr 6, 2026 12:01 am  |  Updated Apr 3, 2026 05:49 am
First Gen Corp. is on track to expand its hydroelectric footprint as it nears the completion of its storage facility in Nueva Ecija, the renewable energy arm of the Lopez family reported.
In a filing with the Securities and Exchange Commission (SEC), the company’s subsidiary, First Gen Hydro Power Corp., expects to finish the 120-megawatt Aya pumped-storage project by the fourth quarter of 2026.
The Aya facility is designed to enhance the existing Pantabangan-Masiway plant complex by shifting water between the Pantabangan and Masiway reservoirs to store and generate electricity.
Located in Barangay West Poblacion, the project is engineered to minimize environmental and operational disruption, using approximately 0.2 percent of the Pantabangan reservoir’s total volume. According to the company, this design ensures the facility can provide peaking power without compromising the reservoir's primary functions or causing excessive water optimization.
Dennis Gonzales, First Gen senior vice president, earlier noted that the project requires close coordination with the National Irrigation Administration to ensure that power operations do not interfere with local agricultural water requirements.
The Aya project is a major component of First Gen’s strategy to bolster grid stability through energy storage as the Philippines integrates more variable renewable sources into the national mix.
Beyond the Nueva Ecija complex, First Gen is also pursuing a hydroelectric pipeline in Mindanao. The company is currently developing three run-of-river projects: the 42-megawatt Puyo, the 32-megawatt Bubunawan, and the 39-megawatt San Isidro plants.
These Mindanao assets, combined with the Aya project, are set to add 213 megawatts of flexible capacity to the company’s portfolio. These developments complement First Gen’s existing hydropower stable, which includes the 132-megawatt Pantabangan-Masiway, the 165-megawatt Casecnan, and the 1.6-megawatt Agusan plants.
The expansion follows a significant capital deployment earlier this year when First Gen acquired a 40 percent stake in the pumped-storage assets of Enrique Razon’s Prime Infrastructure Capital Inc. for ₱75 billion.
That deal includes the Wawa hydropower project in Rizal and the Ahunan project in Laguna, representing a combined potential capacity of 2,000 megawatts. Those projects are slated for completion by December 2030.
Currently, First Gen operates a diverse renewable energy portfolio totaling approximately 1,700 megawatts across 30 facilities, spanning geothermal, solar, wind, and hydroelectric power.

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First Gen Corp. (FGen) Securities and Exchange Commission Lopez Inc.
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