Power producer First Gen Corporation is preparing up to ₱41.7 billion in capital spending for 2026, a 24.5 percent increase from its ₱33.5 billion capex in 2025, company officials said.
President and COO Francis Giles Puno said most of the planned investment will go to hydropower assets, while additional funds will support geothermal projects through subsidiary Energy Development Corporation (EDC).
Puno said the company is reviewing its expansion plans as electricity demand growth has slowed, but it will continue pursuing geothermal opportunities where resources are viable.
EDC president and COO Jerome Cainglet said the company also plans to drill new geothermal wells and sustain output from existing fields. In Leyte, EDC aims to restore production to around 100 megawatts (MW).
First Gen is also targeting initial drilling this year for a geothermal project in Indonesia, starting with one well in West Java, where electricity demand is concentrated. The project forms part of a joint venture between EDC subsidiary PT FirstGen Geothermal Indonesia and a unit of PT Dian Swastatika Sentosa Tbk to develop geothermal resources with an estimated combined potential of about 440 MW across six sites in Indonesia.
In addition, First Gen plans to break ground on a 50-MW solar power project in Batangas this year.
The company currently operates more than 1,700 MW of renewable energy capacity from over 22 geothermal, wind, solar, and hydro facilities. It also holds a 40 percent stake in four natural gas-fired plants controlled by Prime Infrastructure Capital Inc. with a combined capacity of 2,017 MW, helping support the country’s power supply.
Recently, First Gen also acquired a 40 percent equity interest in Prime Infra’s pumped-storage hydropower portfolio, including the 600-MW Wawa project in Rizal and the 1,400-MW Ahunan project in Laguna, further strengthening its long-term renewable energy expansion.
