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Photo by Jani Brumat on Unsplash
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.
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