Clean energy leader First Gen Corp. is looking at a capital expenditure of $550 million this year, with the bulk to be spent on expansion.
First Gen is preparing an expansion program by developing more wind and solar power projects.
Emmanuel Antonio Singson, First Gen executive vice president and chief finance officer, said the company expected to spend about $550 million in capex this year, mainly driven by Energy Development Corp., the First Gen LNG terminal project and the Aya pumped storage hydro project.
“First Gen is also planning to significantly expand its wind and solar portfolio over the coming years. The demand for wind and solar will not just come from grid operator serving large urban areas; it will also come from off-grid communities with little or no access to 24/7 electricity, households looking to cut their carbon emissions, and contestable customers operating commercial and industrial establishments,” said First Gen chairman Federico Lopez during a stockholders’ meeting Wednesday.
Singson said First Gen subsidiary EDC would continue to have a high capex this year. EDC plans to spend approximately $260 million to fund its growth initiatives, drilling programs and upgrades.
