Philippine power producer First Gen Corp. plans to spend about $1.5 billion over three to five years to increase generation from hydropower and other means by 1,000 megawatts, wire reports indicate.

The expansion includes upgrading hydro projects to add capacity, building new geothermal and wind power stations and other measures.

Recently, the Philippine Department of Energy signed US$1.5 billion worth of renewable energy contracts, signifying continued confidence in the emerging renewables industry.

The DOE signed 68 mini-hydroelectric, 5 geothermal, and 17 wind energy contracts amounting to US$1 billion, the Department of Energy reported. For biomass projects, the DOE approved 22 service contracts amounting to about US$500 million.

First Gen is the Philippines' largest privately-held power generation firm, with an installed capacity of 2,887.4 megawatts, accounting for around a fifth of the country's total capacity.

First Gen has teamed with local conglomerates Ayala Corp. and Metro Pacific Investments Corp. to bid for the Angat 246-MW hydropower plant in Bulacan, which the government plans to privatize.

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