First Gen Corp. has signed a memorandum of agreement (MOA) with the National Irrigation Administration (NIA) for the development of the Aya pumped-storage project (PSP) in Pantabangan, Nueva Ecija. The MOA paved the way for the actual development of the planned 120-megawatt (MW) pumped-storage project, the parties said in a statement on July 6, 2026. The MOA authorizes First Gen to develop, construct, operate, and maintain the Aya PSP.