First Gen Corp.’s P50-billion gas deal with Prime Infrastructure Capital Inc. will provide a significant funding boost to its geothermal power business, as the company aims to reach 13,000 megawatts (MW) of renewable energy by 2030.
Carlos Lorenzo Vega, the firm’s chief customer engagement officer, said that while revisiting the target remains an option, they still consider the 13,000-MW capacity as its goal.
At present, the company’s renewable energy portfolio stands at 1,651 MW from geothermal, solar, wind, and hydropower plants, with geothermal operations accounting for the majority, about 1,289.34 MW of this capacity.
First Gen Corp. continues to strengthen its position as a leading renewable energy provider in the Philippines, driving the country’s transition toward sustainable and low-carbon power generation.