First Gen needs $9b to boost RE capacity

The company has to increase its capacity by almost four times to reach 13 GW by 2030.

Philippines’ First Gen will require around $9b in investment to reach 13 gigawatts (GW) of capacity by 2030.

In a disclosure, the company said it has to grow its portfolio by almost four times from the current 3.5 GW to reach the goal.

First Gen said this target aligns with the Philippine Energy Plan (PEP) for 2020 to 2040 which aims to boost the country’s renewable energy power generation to 35% of the energy mix 2030.

“Given the Government’s coal moratorium and the fact that banks no longer provide long-term financing for coal projects, the PEP indicates supply growth to come primarily from renewable energy combined with additional gas-fired plants,” First Gen said.