First Gen plans up to P160 billion in five-year renewable energy spending

LOPEZ-LED First Gen Corp. plans to spend up to P160 billion over the next five years on renewable energy projects, with most of the planned investment earmarked for hydropower and geothermal projects.

First Gen President and Chief Operating Officer Francis Giles B. Puno said the company plans to allocate around P60 billion for hydropower projects and P70 billion for geothermal projects, with the remainder going to solar ventures.

“It’s not that difficult to do that because of all of the investors,” Mr. Puno said on the sidelines of the Philippine Net Zero Conference last week.

First Gen is one of the country’s largest power generation companies, with more than 1,700 megawatts (MW) of installed renewable energy capacity.

It also has interests in gas-fired power plants in Batangas.

The company expects to spend around $20 billion over the next five years to expand its energy portfolio to 13 gigawatts within and outside the Philippines.

To support this target, First Gen has earmarked around P41.7 billion in capital expenditures this year for investments in pumped-storage hydropower projects.

For the first six months of 2026, First Gen reported a 7.1% increase in net income to P12.82 billion, mainly due to higher contributions from Energy Development Corp. (EDC) and First Gen Hydro Power Corp.

EDC accounted for 73% of First Gen’s revenues, contributing P29.88 billion.

EDC is the Philippines’ largest geothermal energy producer, with more than 1,400 MW of capacity from its geothermal, wind, hydropower, and solar assets. The company accounts for about one-fifth of the country’s installed renewable energy capacity.

Amid EDC’s growth, Indonesia’s PT Barito Renewables Energy made an unsolicited $5-billion proposal to acquire the company.

Mr. Puno said First Gen has no plans to sell EDC, adding that there are no other foreign firms looking to acquire the company.

“If the Philippines wants to grow, I suspect you need companies like First Gen or EDC to continue to find ways to create value for the expansion of geothermal and other renewable energy sources,” he said. — Sheldeen Joy Talavera