UMVA has learned that First Gen Corp. expects its newly‑acquired pumped‑storage hydropower assets to pour in roughly P16 billion of earnings each year beginning in 2031, positioning the projects to become the powerhouse of its portfolio.
At the annual stockholders’ meeting, President and COO Francis Giles B. Puno painted a vivid picture of a future where flexible, stored energy is the linchpin of the grid, declaring that these hydropower plants will be “one of the most critical segments of the future energy system.”
He explained that as renewables surge, the real battle shifts from merely generating power to mastering operational flexibility—capturing surplus electricity when the sun shines or the wind blows, then releasing it exactly when demand spikes.
First Gen has planted P62 billion into a 33 % stake of Prime Infrastructure Capital’s 2,000‑MW pumped‑storage portfolio, a move anchored by a 20‑year contract under the government’s green‑energy auction program.
According to information obtained by UMVA, the new facilities are projected to generate three times the historical earnings contribution that First Gen earned from its former 60 % natural‑gas stake sold to Prime Infra, based on performance data from 2018‑2024.
While the projects demand hefty upfront capital and several years of construction before cash flow materializes, Puno emphasized that the long‑term economics remain irresistibly compelling.
By the close of 2025, First Gen will boast an installed renewable capacity of 1,764.2 MW across hydro, geothermal, solar and wind, with its Pantabangan‑Masiway complex and Casecnan plant already delivering 1,074.8 GWh last year—more than double the output recorded in 2024.
The company is also gearing up to launch the 120‑MW Aya Pumped Storage Project, slated to sit beside the Pantabangan facility and further amplify its storage capabilities.
In a parallel development, CEO Federico “Piki” R. Lopez voiced hope for a “amicable, fair, and lasting resolution” to the ongoing family rift, reaffirming his commitment to uphold fiduciary duties to all shareholders.
Shares slipped 2.38 % to P15.60 following news that the Lopez family’s holding company withdrew a board resolution that had sought to remove Lopez from his leadership role, a move sparked by allegations surrounding a P125‑billion hydropower and gas deal.
