First Gen Corp. is awaiting final government approvals on the 165 megawatts (MW) Casecnan hydro power plant in Nueva Ecija.
The company is also arranging the financing of property which it won u, the privatization of First Gen Corp. subsidiary Fresh River Lakes Corp. in May secured the notice of award from the Power Sector Assets and Liabilities Management Corp. (PSALM) after winning the project.
Fresh River bid $526 million for the privatization of the hydro asset.
“We are still awaiting for all government approvals including the one from the PCC (Philippine Competition Commission.) So, the ball is in the court of the government. In the meantime, we are arranging for the financing… We are ready to pay for the bid price of Casecnan and we are excited as we need to make sure that we can prove if is a feasible investment,” said Francis Giles Puno, First Gen president and chief operating officer, at the sidelines of a corporate event hosted by the Net Zero Carbon Alliance in Pasig City last week.
Puno said Fresh River will borrow funds from domestic sources.
First Gen said the Casecnan property will complete the synergies with its existing 132 MW Pantabangan-Masiway hydro plant and the planned 120 MW Aya pumped storage hydroelectric facility, both located in Nueva Ecija. – Jed Macapagal
