FIRST Gen Corp. plans to finish construction of its Bago binary geothermal power plant in Negros Occidental by the end of the year as it continues expanding its renewable energy portfolio.
"Through our company Energy Development Corporation, we are currently constructing the Bago binary geothermal power plant, which is a local expansion project located in Visayas,” First Gen said in its 2025 annual report.
"The power infrastructure is a 5.6 megawatt plant within the Northern Negros concession and our target completion of the project is at the 4th quarter of 2026," it added.
First Gen said it was continuing to look for more opportunities in the geothermal field, including in other countries, following the signing of a shareholders' agreement with PT Dian Swastatika Sentosa Tbk of the Sinar Mas Group in Indonesia in August last year.
"With the signing of the shareholders' agreement, we are continuing with the exploration and assessment of other possible growth prospects in Indonesia, Chile, and other countries," it said.
First Gen reported attributable recurring net income of P15.20 billion for 2025, up from P13.90 billion in 2024, on revenues of P52.1 billion, up 6 percent from the previous year’s P48.9 billion.
It credited the solid performance to its strong hydro portfolio and higher power sales by volume.
First Gen shares on Friday dipped P0.04, or 0.22 percent, to close at P18.42 apiece.
