PHILIPPINE STAR: First Gen to boost hydropower portfolio
May 18, 2015
First Gen Corp., the Lopez-owned power producer, will continue to build its portfolio of hydropower alongside the growth of its natural gas, geothermal and solar capacities.
“We remain bullish in developing our hydro portfolio through a number of run-of-river hydroelectric plants. We are currently fine-tuning the detailed technical and commercial feasibility studies of our concessions and are discussing the proper contracting strategies to strengthen our confidence in our ability to executive these projects properly,” said Francis Giles Puno, First Gen president and chief operating officer.
“Over time, we believe this platform will deliver increasing revenues and profits to the company,” he said.
The company’s First Gen Mindanao Hydro Power Corp. is working on several Mindanao hydropower projects with a combined capacity of 63 megawatts.
These projects are the 30-MW Puyo hydro plant in Jabonga, Agusan del Norte estimated to cost USD120 million, the 23-MW Bubunawan hydro project in Bukidnon costing USD100 million and 10-MW Cabadbaranhydro project also in Agusan del Norte costing USD40 million.
It is also gearing up for its San Gabriel expansion which will be located alongside the company’s existing 1,000 MW Sta. Rita and 500-MW San Lorenzo natural gas facilities in Batangas.