First Gen eyes new geothermal projects after P200 billion investment

First Gen Corp. is planning to develop more geothermal resources in the Philippines after investing over P200 billion in the sector. The company's president said market and regulatory conditions remain critical for geothermal projects, which require longer development periods than other renewable en

FIRST GEN CORP. is looking to develop more geothermal resources in the Philippines after investing more than P200 billion in the sector, its president said on Thursday.

First Gen President and Chief Operating Officer Francis Giles B. Puno said geothermal projects require longer development periods than some other renewable energy projects, making market and regulatory conditions an important consideration for developers. He said developers need greater certainty that electricity from geothermal projects will have a viable market and can be sold at prices that would allow projects to secure financing.

“Our market rules do more than determine how electricity is bought and sold today. They help determine what gets built tomorrow,” Mr. Puno said during the First Gen Power Economics Forum 2026.

Through its subsidiary Energy Development Corp. (EDC), First Gen accounts for nearly 67% of the Philippines’ geothermal capacity, according to the company. Since 1976, EDC has developed geothermal facilities in Bicol, Leyte, Negros Island, and Mindanao. It has a total installed geothermal capacity of 1,480.19 megawatts.

Mr. Puno said the company is looking at further geothermal development as part of its renewable energy portfolio. “If we can combine our geothermal resources and expertise with the right infrastructure, regulation and market design, geothermal can become more than another source of renewable electricity,” he said.

First Gen has invested more than P200 billion in geothermal development, according to the company.