FGEN readies $20-B 13-GW push by 2030

Lopez-led First Gen Corp. (FGEN) is preparing to invest about $20 billion to expand its power capacity to 13 gigawatts (GW) by 2030, more than quadrupling its current portfolio of over 3 GW. Growth will be driven by renewable energy (RE) projects and natural gas.

“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 of FGEN, said.

He added that the multibillion-dollar investment will be spread across geothermal, solar, hydro, and gas projects, potential acquisitions, and overseas ventures.

Puno admitted that hitting 13 GW by 2030 will be “challenging” due to the long development time of renewable projects, but said the plan shows both growth opportunities and FGEN’s aim to keep its market share.

New prospects drilled

At present, FGEN operates 500 to 600 megawatts of geothermal capacity, with expansion plans underway in both the Philippines and Indonesia. In Mindanao, the company is preparing to drill at its greenfield Amakan geothermal site in Davao de Oro, which could deliver 70 to 100 MW if successful.

“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.

He stressed the importance of government support in de-risking geothermal investments, given the high upfront costs.

Beyond geothermal, FGEN is developing modular solar projects of around 50 MW each and pursuing hydro expansions.

The company is also looking at liquefied natural gas to meet baseload demand, with the planned 1,200-MW Santa Maria gas plant accounting for about 10 percent of the 2030 target.