First Gen sets $1.27b capex for 2024

The funding focus will be hydropower and other renewable energy projects.

First Gen is allocating $1.27b for its capital expenditure for 2024, the majority of which will be set aside for renewable energy projects.

In a disclosure, FirstGen said of the amount, $560m will be used for its hydro platform, including the acquisition cost of the Casecnan Hydroelectric Power Plant.

It will also allocate $670m to the renewable energy portfolio of the Energy Development Corporation.

The remaining $40m will go to its natural gas projects and the liquified natural gas (LNG) terminal project.

Its subsidiary, First Gen LNG Holdings signed a shareholders’ agreement with Tokyo Gas where the Japan-based firm will subscribe to shares in the company.