First Gen Corp. has called on the government to implement policy reforms to foster greater private investment in renewable energy (RE) projects. At its annual stockholders meeting, company president and COO Francis Giles Puno emphasized the need to re-evaluate the market’s secondary price cap, which he argued diminishes investment incentives by compressing margins for power generators, particularly merchant facilities.
Puno advocated for more commercially viable regulatory mechanisms, including credit guarantees and long-term offtake structures to support large-scale infrastructure projects like geothermal, hydro, and LNG-fired plants. He also urged improvements to the competitive selection process (CSP) and broader implementation of the Retail Competition and Open Access (RCOA) to increase investor confidence and market transparency.
These reforms, according to First Gen, are critical to financing the next wave of clean energy infrastructure and meeting the country’s growing power demand. The company has committed USD601 million in 2025 capex, 90 percent of which will be deployed through subsidiary Energy Development Corp. for geothermal drilling and battery storage. With 3,668 MW in current capacity, First Gen plans to expand to 13,000 MW and invest up to USD20 billion by 2030.
