LOPEZ-LED renewable energy firm First Gen Corp. is looking to invest more in its geothermal portfolio next year to upgrade some of its facilities and optimize steam resources, its president said.
鈥淥ver the last two years, even up to this year, we鈥檝e made significant investment in drilling as well as new capex (capital expenditure). So that鈥檚 all pretty much going to be completed by this year,鈥 First Gen President and Chief Operating Officer Francis Giles B. Puno told reporters on Monday.
鈥淏ut next year, there鈥檒l be more investment because when you think about it, the assets themselves are over 40 years old鈥 so, we鈥檙e in the process of upgrading some of the other facilities and also putting in newer facilities,鈥 he added.
As technology advances and older power plants depreciate, the company is taking the opportunity to rebuild the appropriate facilities to generate more renewable baseload energy from geothermal, he said.
Mr. Puno said the company is currently in the process of upgrading an existing plant in Negros Oriental.
鈥淥ur focus right now actually is more on the next phase of geothermal development and that includes 鈥yung concessions we have here. We鈥檙e also drilling in Mindanao, in Amacan,鈥 he said.
First Gen, via its renewable energy subsidiary Energy Development Corp. (EDC), is also looking to tap its concessions in Indonesia, which are estimated to have a potential capacity of 40 megawatts.
To maintain consistent hybrid support, the company is commissioning 40 megawatt-hours of battery energy storage projects in Negros Oriental, Leyte, and Sorsogon.
At present, First Gen produces over 30% of the country鈥檚 renewable energy supply, most of which comes from nearly 1,200 megawatts (MW) of geothermal generation capacity from EDC.
First Gen is aiming to expand its renewable energy portfolio to 13 gigawatts (GW) by 2030. 鈥 Sheldeen Joy Talavera
