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Lopez-led First Gen Corp. (FGen) has expressed interest in potentially taking on the rehabilitation of Agus-Pulangi Hydropower Complex (APHC) in Mindanao as it seeks to expand its hydropower portfolio.
In an ambush interview in Singapore last week, Jay Soriano, FGen vice president and head of strategy and planning, said the company is open to studying the viability of a public-private partnership (PPP) planned for the 1,001-megawatt (MW) APHC.
Citing the firm’s previous bids for Casecnan hydropower plant and Caliraya-Botocan-Kalayaan (CBK) hydropower plants, Soriano said that increasing its hydropower foothold would complement its existing geothermal, solar, and wind assets.
“If you look at the GEAP [green energy auction program], we expect three gigawatts (GW) of wind. If everything is built—three GW of solar next year, and about one GW the following year—that’s only in Luzon,” he told reporters, explaining the intermittency of some renewable energy (RE) technologies.
FGen currently has 1,189.34 MW of geothermal capacity through its subsidiary, Energy Development Corp. (EDC). The company also operates the 150-MW Burgos wind farm and 6.8-MW Burgos solar farm, both in Ilocos Norte.
“That’s why we need the right energy mix. We need the right mix of technologies. I think to support all the solar that’s coming up, we need balancing technologies, and hydro is a great balancing technology,” he added.
APHC, managed by state-run Power Sector Assets and Liabilities Management Corp. (PSALM), is currently seeking a concessionaire to undertake the rehabilitation of the aging facility. The complex generates around 600 to 700 MW of power, but once a private partner comes in, restoration and retrofitting works are targeted for completion by 2028.
PSALM said it is welcoming unsolicited proposals, with the bidding process expected to commence by 2026.
“I think that’s the kind of perspective—regardless of what’s up there for bidding—we will look into it [Agus-Pulangi rehabilitation]. We will consider it as ‘is there room to upgrade? Is there room to make something really good even better?’ That’s always a healthy perspective to take,” Soriano elaborated.
Currently, the company operates three hydropower facilities: the 132-MW Pantabangan-Masiway hydropower complex, 165-MW run-of-river Casecnan power plant, and 1.6-MW Agusan mini hydropower plant.
It previously bid for CBK hydropower complex in July through FWKG consortium, composed of FGen and K-Water Resources Corp. The auction has since been awarded to Aboitiz Power Corp. (AboitizPower).
