Lopez-controlled First Gen Corporation is prepared to invest $20 billion as it sets its sights on expanding its capacity to 13 gigawatts by 2030, more than four times its existing portfolio of just over 3 gigawatts.
The company’s investments will be spread across geothermal, solar, hydro, and natural gas projects, as well as potential acquisitions and overseas ventures, a top executive told reporters in an interview.
“Our goal is 13 gigawatts by 2030. Right now, we are at three-something. It’s all 13 gigawatts,” Francis Giles B. Puno, President and Chief Operating Officer, said.
Puno admitted that the path forward will not be easy, noting that renewable energy projects take time to develop.
Still, he emphasized that the roadmap reflects both growth opportunities and that FGEN intends to protect its market share in the power sector.
Currently, the company operates 500 megawatts to 600 megawatts of geothermal capacity, with expansion plans both locally and overseas.
In Mindanao, FGEN is preparing to drill at its Amakan greenfield geothermal site in Davao de Oro, which could produce 70 to 100 MW.
“Hopefully, we will start drilling in Amakan by next month or so. The nice thing about it is it’s a greenfield geothermal. It’s not an expansion,” Puno said, while stressing the importance of government support to reduce the risks tied to high upfront costs in geothermal ventures.
In addition, FGEN is developing modular solar projects of around 50 MW each and pursuing hydro expansions.
On FGEN’s gas venture, its planned 1,200-MW Santa Maria plant is expected to deliver about 10 percent of the 2030 capacity target.
