In an effort to expand its renewable energy portfolio, First Gen Corp plans to spend some PHP8bn ($185m) to put up two hydroelectric plants in Mindanao, Philippines.
The company said it would prioritize the development of the 30MW Puyo run-of-river hydropower plant in Agusan del Norte and the 23MW Bubunawan facility in Bukidnon in the northern Mindanao region.
These two plants are part of a hydropower portfolio that will see the construction of a total of five facilities with a combined capacity of approximately 100MW.
The company is in the process of completing the preliminary engineering design for the Puyo and Bubunawan hydropower facilities.
First Gen is expected to soon start exploring all possible financing options for these projects.