First Gen Corp. Invests in Hydropower for Future Growth
First Gen banking on hydro power plants

Image: Inquirer
First Gen Corp., led by Lopez, is heavily investing in hydropower, anticipating a profit contribution of approximately P16 billion starting in 2031. The company is acquiring a 33% stake in hydro assets, including significant projects in Laguna and Rizal.
- 01First Gen Corp. plans to invest P62 billion in hydro assets, targeting about 2,000 megawatts of pumped-storage capacity.
- 02The company expects its hydropower segment to contribute P16 billion annually starting in 2031.
- 03Key projects include the 1,400-MW Pakil Pumped Storage and the 600-MW Wawa Pumped Storage projects.
- 04First Gen's investments are part of a government green energy auction program, enhancing operational flexibility in energy storage.
- 05The projected profit contribution from hydropower is three times the historical average from its natural gas investments.
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First Gen Corp., a company led by Lopez, is making significant investments in the hydropower sector, with expectations that this segment will drive growth and contribute around P16 billion to profits starting in 2031. The firm is acquiring a 33% stake in hydro assets, which include the 1,400-MW Pakil Pumped Storage Hydroelectric Power Project in Laguna and the 600-MW Wawa Pumped Storage Hydroelectric Power Project in Rizal. Francis Giles Puno, the company's president and COO, emphasized the importance of operational flexibility in energy systems, highlighting the need for energy storage capabilities. In addition to its partnership with Prime Infrastructure Capital Inc., First Gen is also developing the 120-MW Aya Pumped Storage project in Nueva Ecija, which will enhance the capacity of the 132-MW Pantabangan-Masiway plant complex. Collectively, these projects are expected to significantly boost First Gen's financial performance, making hydropower the company's primary growth engine.
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The investments in hydropower are expected to enhance energy storage capabilities and contribute significantly to local energy supply.
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