First Gen Plans Up To ₱160 Billion Renewable Energy Investment Through 2031 In Philippines

First Gen Corporation is planning to invest up to ₱160 billion through 2031 to expand its renewable energy portfolio and support the Philippines’ transition toward cleaner power generation.

The Lopez-led power generation company plans to allocate between ₱150 billion and ₱160 billion in capital spending over the coming years, with investments focused mainly on geothermal, hydroelectric and solar power projects.

First Gen President Giles Puno said more than ₱60 billion of the planned investment will be directed toward hydroelectric projects, while around ₱70 billion will support geothermal developments under its subsidiary, Energy Development Corporation (EDC). The company expects international capital markets and long-term institutional investors to provide financing for these projects.

The planned investment represents a stronger focus on low-carbon generation as First Gen places greater emphasis on renewable energy rather than expanding its natural gas infrastructure.

First Gen currently operates around 1,700 megawatts of combined generating capacity through 31 facilities covering geothermal, wind, solar and hydropower. EDC remains a key part of its renewable energy business and accounts for about 61% of the Philippines’ total geothermal generation.

The strategic importance of EDC has also attracted foreign investment interest. Indonesia-based PT Barito Renewables Energy recently made an unsolicited offer that valued EDC at approximately ₱308 billion. Manila Electric Co. has also expressed interest in acquiring a minority stake.

However, Puno said First Gen has no plans to sell EDC. He highlighted domestic ownership requirements and the subsidiary’s importance to First Gen’s long-term renewable energy strategy.

Puno also emphasized the expertise of EDC’s Filipino workforce, particularly its technical capabilities in geothermal development. First Gen intends to build on this expertise as it expands renewable generation and supports the Philippines’ longer-term clean energy objectives.