First Gen needs $20-B investment to hit 13-GW capacity target – exec

Lopez-led First Gen Corp. needs to invest $20 billion (around P1.1 trillion) to achieve its bold 13,000-megawatt (MW) capacity target by 2030, its top executive said.

- By BRIX LELIS

First Gen president and COO Francis Giles Puno said the multibillion-dollar investment would be primarily directed toward accelerating the rollout of the company’s renewable energy (RE) projects.

In particular, the investments are set to fuel First Gen’s geothermal, solar and hydropower expansion, alongside strategic acquisition opportunities and growth in overseas markets, he noted.

“Within the Philippines, we have a lot of smaller but still important geothermal expansion projects. The largest is Amacan, located in Davao de Oro,” Puno said.

He said First Gen plans to kick off drilling operations in Amacan by next month, to boost its geothermal capacity by at least 70 to 100 MW.