Lopez-led First Gen Corp. (FGEN) is venturing into its first utility-scale solar project in Batangas this year as it seeks to diversify its renewable energy portfolio beyond geothermal.

In an interview with reporters, FGEN president and chief operating officer Francis Giles B. Puno said the Inara solar project will have an initial capacity of 50 megawatts (MW), which will be expanded to 150 MW. 

“Our focus has been more on geothermal because it can run base load. It produces more kilowatt-hours every hour. (But this one), the start of our build-out is solar,” Puno said. 

According to First Gen executive vice president and chief financial officer Emmanuel Antonio P. Singson, the company expects to invest between $20 million and $25 million this year for its Inara solar project, which involves securing permits and initial development work.

Permits applied for

“For Inara, for this year, about $20 million. It’s a 35MW to 50MW project. This year, we’re working on securing the permits. Hopefully, we’ll be able to spend around $20 to $25 million on the ongoing project. It won’t be completed this year; there’s still work to be done next year,” Singson said. 

Aside from solar, FGEN is also conducting ongoing feasibility studies for new wind energy projects in Ilocos Norte, with plans to expand development to other areas where the company holds renewable energy concessions.

In 2024, FGEN ranked as the third-largest power producer in the country based on installed generating capacity and market share as per the Energy Regulatory Commission. Its capacity rose to 3,582.9 MW, accounting for 13.22 percent of the national grid. While this marked an increase from 3,392.8 MW in 2023, the company’s market share dipped slightly from 13.27 percent.