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MANILA, Philippines – Lopez-led First Gen Corp. is betting big on its hydropower investments, expecting the segment to become a growth driver with about P16 billion in profit contribution starting in 2031.
Francis Giles Puno, the company’s president and COO, expressed high hopes for the P62-billion investments in Prime Infrastructure Capital Inc.’s hydro assets, which account for about 2,000 megawatts (MW) of pumped-storage hydro capacity.
READ: First Gen finalizes structure of controversial P62-B hydro deal
The deal involves the acquisition of a 33-percent stake in such assets. These include the 1,400-MW Pakil Pumped Storage Hydroelectric Power Project in Laguna and the 600-MW Wawa Pumped Storage Hydroelectric Power Project in Rizal.
