LOPEZ-LED First Gen Corp. is looking to invest up to $25 million (around P1.39 billion) in a solar project in Batangas that could generate up to 50 megawatts (MW) of electricity, a company official said.
“Hopefully, we are able to spend about $20 million-$25 million for the ongoing project,” First Gen Senior Vice-President and Chief Financial Officer Emmanuel Antonio P. Singson told reporters on May 29.
Mr. Singson said the company is currently working to secure the necessary permits for the Inara solar power project.
“We have to increase our investment in solar and wind just to be at the same level of electricity production as a geothermal plant,” First Gen President and Chief Operating Officer Francis Giles B. Puno said.
The company earlier disclosed plans to pursue a 50-MW first-phase solar facility in Batangas, to be followed by a 100-MW expansion.
The combined capacity is intended to serve the renewable energy supply needs of the province and the adjacent First Philippine Industrial Park.
Aside from solar power, First Gen is also looking to expand its wind energy platform, with planned developments in Burgos, Ilocos Norte, and other areas with concessions.
At present, the company has a total installed capacity of 3,668 MW from its portfolio of plants powered by geothermal, wind, hydro, solar, and natural gas.
“All of these — every investment, every innovation — form part of our strategy to grow our low-carbon and renewable energy portfolio to 13 gigawatts by 2030, in line with the DoE (Department of Energy) Philippine Energy Plan,” Mr. Puno said.
To support this strategy, the company has earmarked a capital expenditure budget of $601 million (around P33.5 billion), with the majority allocated to geothermal-related activities.
For the first quarter, First Gen reported a 4.4% increase in attributable net income to $82.3 million, driven by lower operating expenses. — Sheldeen Joy Talavera