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First Gen to Invest $20 Billion in Renewable Energy Growth

9/22/2025

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Summary

Story summary

First Gen Corp. plans to invest $20 billion over five years to increase its power capacity to 13 gigawatts (GW) in the Philippines and internationally.
CEO Francis Giles B. Puno highlighted a focus on renewable energy sources like geothermal, solar, and hydro.
The company currently produces 3,688 megawatts (MW) and aims to drill for its Amacan geothermal project in Mindanao next month, targeting 70 to 100 MW.
First Gen also plans to develop 600 MW of geothermal capacity in Indonesia and is partnering with Prime Infrastructure Capital to expand its natural gas business.
The company faces challenges in reaching its 13 GW target by 2030 due to lengthy project timelines, while peak demand in the Philippines is expected to rise significantly by 2050.

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Story summary

First Gen Corp. plans to invest $20 billion over five years to increase its power capacity to 13 gigawatts (GW) in the Philippines and internationally.
CEO Francis Giles B. Puno highlighted a focus on renewable energy sources like geothermal, solar, and hydro.
The company currently produces 3,688 megawatts (MW) and aims to drill for its Amacan geothermal project in Mindanao next month, targeting 70 to 100 MW.
First Gen also plans to develop 600 MW of geothermal capacity in Indonesia and is partnering with Prime Infrastructure Capital to expand its natural gas business.
The company faces challenges in reaching its 13 GW target by 2030 due to lengthy project timelines, while peak demand in the Philippines is expected to rise significantly by 2050.