LOPEZ-LED First Gen Corp. has allotted $500 million to strengthen its hydropower portfolio in Mindanao.
First Gen president Giles Puno said the money will be allocated for hydropower projects in the region.
“We will be spending $500 million to ramp up our hydropower projects,” Puno told reporters.
The company targets to start the construction of hydroelectric power plants with a combined capacity of 63 megawatts (MW) in Mindanao this year, through subsidiary First Gen Mindanao Hydro Power Corp.
First Gen is developing the 30-MW Puyo in Agusan del Norte, the 23-MW Bubunawan hydro project in Bukidnon and the10-MW Cabadbaran hydro project also in Agusan del Norte.
According to the Department of Energy (DOE), the Cabadbaran Hydroelectric is now about to get its permit.
While the implementation Puyo was put on hold due to security threats in the area, the DOE added.
First Gen Mindanao received the exclusive rights from the DOE to develop the resources in the region as approved by the government.
Puno said First Gen was keen on investing in hydropower facilities in Mindanao.
The company was incorporated in December 1998 as a primary holding company of the Lopez Group for power generation and energy-related businesses.
As of 2015 its portfolio of 18 power plants are predominantly contracted under long-term power purchase agreements or other energy sales agreements.
Its power generation portfolio utilizes mainly indigenous fuels such as natural gas, water, geothermal steam and wind.