First Gen To Invest $500m For Hydro Power Projects.
Author: Darvin Tocmo Date Posted:18 May 2015
First Gen Corp., Philippines’ leading clean and renewable energy company, will invest a total of $500 million to build hydro power projects in Mindanao which will start next year 2016. “We remain bullish on developing our hydro portfolio through a number of run-of-river hydroelectric power 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 to execute these projects properly,” First Gen President Francis Giles Puno said. “Over time, we believe this platform will deliver increasing revenues and profits to the company,” he said. According to Puno, Hydro even without fee-in tariff (FIT) is still competitive. “We have a good chance of getting the FIT because the allocation is big but at the same time if we could not get it, hopefully there is a second round, or if not we can sell it in the grid,” Puno said. The company’s First Gen Mindanao Hydro Power Corp. is working on several Mindanao hydro power projects with a combined capacity of 63 megawatts. First gen Corp was incorporated in December 1998 to become the primary holding company for the power generation and energy-related businesses of the Lopez Group. Find more information at: http://manilastandardtoday.com/2015/05/17/first-gen-to-build-500-m-plants/