First Gen Corporation, a subsidiary of First Philippine Holdings Corporation, which focuses on power generation and distribution, has recently announced plans to join the Department of Energy (DOE)’s 2nd Green Energy Auction (GEA) Program, in a bid to expand its renewable energy portfolio. The GEA-2 is a government initiative that puts up a total of 11.6 GW of renewable capacity for bidding for the next 3 years.
According to First Gen, the company will have to spend USD 20 billion in total investments to fund the development of new facilities with a goal to increase its power portfolio to 13 GW of installed capacity, with 9 GW coming from clean energy by 2030. Currently, First Gen’s portfolio only consists of 3,495 MW combined capacity of gas, solar, wind, geothermal, and hydro facilities.
To meet this goal, First Gen will have to expand by adding 2,000 MW 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 7 years with a total USD 1.1 billion in capex. For battery storage, the company is already developing 3 BESS facilities and another one to be constructed soon. For offshore wind, they have 3 GW capacity to be completed by 2030, and by September 2023, First Gen is already expecting its first LNG cargo delivery for its terminal in Batangas province which was completed in March 2023.