First Gen bares renewable energy expansion plans
MANILA -Lopez-led power firm First Gen Corp. hinted at its plan to join the Department of Energy’s (DOE) second Green Energy Auction Program (GEA-2) scheduled in June, saying it was among the opportunities that would pave the way for its renewable energy expansion.
The GEA Program was introduced by the DOE last year to provide an additional market for clean energy in the Philippines through competitive bidding of renewable energy capacities.
This year, the agency is set to auction off about 11,600 megawatts (MW) of clean energy capacity that must be ready in the next three years.
First Gen president and chief operating officer Giles Puno recently unveiled the company’s plans of growing its power portfolio to 13 gigawatts (GW) of installed capacity, 9 GW of which would come from clean energy sources, by 2030.
“Even I think [the 2030 goal] is a bit aggressive. But in reality that was the pronouncement of the national government, so we can’t simply say no. All we’re doing is aligning ourselves with the policies and plans of government,” he told reporters.
In his report during First Gen’s annual stockholders’ meeting, Puno said the company’s current portfolio of gas, solar, wind, geothermal and hydro facilities had a combined capacity of 3,495 MW.
The company plans to expand this by adding 2,000 MW of capacity for gas, 1,500 MW for solar, 5,100 MW for wind, 700 MW for geothermal, 300 MW for hydro, and 40 MW for battery energy storage systems (BESS) in the next seven years.
Puno previously said that they would be needing $20 billion in total investments to fund the development of new facilities.
By September, First Gen is expecting its first liquefied natural gas cargo delivery for its terminal in Batangas province.
Output from the facility will be used to power the company’s four natural gas plants.
According to Puno, the First Gen is already developing three BESS facilities adjacent to its Bac-Man, Southern Negros and Tongonan geothermal sites.
The fourth BESS facility, meanwhile, is set to be constructed in Northern Negros, Puno added.
As for offshore wind projects, he noted that they had 3 GW of capacity slated for completion in the Guimaras-Iloilo-Negros Occidental area by 2030.
First Gen has earmarked $1.1 billion in capital expenditures this year to help achieve its 2030 installed capacity goal. INQ