First Gen Corporation (First Gen), the Lopez Group‘s clean and renewable energy provider, reported an 8 percent increase in attributable recurring net income for 2025 at USD264 million, approximately PHP15.2 billion in comparison to USD245 million (PHP13.9 billion) in 2024.
The Company’s Hydro portfolio soared in earnings as it generated more kilowatt hours due to higher water levels. This was partially offset by Energy Development Corporation’s (EDC) lower recurring income as a result of lower Wholesale Electricity Spot Market (WESM) prices and an increase in expenses for its steamfied maintenance and workover activities.
The Company generated USD906 million (PHP52.1 billion) in revenues for 2025, a 6 percent increase of USD49 million (PHP3.2 billion) from USD857 million (PHP48.9 billion) in 2024. The better revenues are a result of greater volume of electricity sold by First Gen during the year. The geothermal, wind and solar portfolio under EDC accounted for 87 percent of First Gen’s total consolidated revenues, while 11 percent came from the Company’s hydroelectric power plants.
Last November 2025, First Gen sold a 60 percent equity stake in its natural gas business to Prime Infrastructure Capital, Inc. (Prime Infra). As a result, the company will no longer be consolidating the natural gas assets, namely, the 1,000 MW Santa Rita Power Plant, the 500 MW San Lorenzo Power Plant, the 420 MW San Gabriel Power Plant, the 97 MW Avion Power Plant, the proposed 1,200 MW Santa Maria Power Plant and the Interim Offshore LNG Terminal (IOT). The acquisition price paid was PHP50 billion, subject to adjustment and possible earnout amounts.
Equity in net earnings from the remaining 40% ownership stake in gas starting last November 2025 and onwards was reflected as income in the amount of USD11 million (PHP 0.7 billion). The previous month’s earnings prior to the sale was booked as Net Income from Discontinued Operations of USD200 million (PHP11.5 billion). This was a 21 percent jump from the 2024 full year income.
The sale also resulted in a gain on First Gen’s books amounting to USD159 million (PHP9.2 billion) EDC’s attributable recurring income (ex-hydro) at USD52 million (Php 3.0 billion) in 2025 was 31 percent lower than its recurring income of USD75 million (PHP4.3 billion) in 2024.
“The previous year brought about a fundamental change in First Gen as we decided to sell down our controlling stake in the gas assets. We decided to strategically pivot into our renewable energy investments. 2026 will be the year EDC’s investments in its drilling program bears significant fruit, while the recently announced partnership with Prime Infra for the 600 MW Wawa and 1400 MW Pakil Pumped Storage Hydro Projects marks our debut as greenfield hydro developers,” First Gen President and COO Francis Giles B. Puno stated.
