First Gen Corp. said Wednesday it budgeted $530 million for 2021 capital expenditures, with the bulk going to subsidiary Energy Development Corp.’s geothermal drilling and other activities.
“In 2021, we are expecting to spend around $530 million in capital expenditures mainly driven by EDC, the LNG terminal and the Aya pumped storage project,” First Gen senior vice president and chief finance officer Emmanuel Singson said during the company’s virtual annual stockholder’s meeting.
Singson said EDC, the company’s geothermal arm, plans to spend $280 million “to catch up on its drilling and investments, as the COVID-19 pandemic resulted in the postponement of key activities last year.”
“This figure also includes the capex for the development of EDC’s binary growth projects specifically the 3.6-megawatt Mindanao 3 and the 29MW Palayan Bayan project,” he said.
Singson said First Gen would also spend about $120 million for the planned LNG interim offshore terminal terminal in Batangas in 2021.
