First Gen Corp. of the Lopez family, is in preparations for securing funding for its acquisition of the 165MW Casecnan Hydroelectric Power Plant (CHEPP) situated in Pantabangan, Nueva Ecija.
The Power Sector Assets and Liabilities Management Corporation (PSALM) had previously issued a notice of award to First Gen subsidiary Fresh River Lakes Corp. (FRLC) in May, designating it as the winning bidder for the acquisition of CHEPP.
First Gen president Francis Giles Puno revealed that they are now awaiting government approvals, including clearance from the Philippine Competition Commission, before proceeding with the acquisition.
“The ball is in the court of the government. In the meantime, we are arranging financing,” he said.
He further noted that they are exploring local financing options to cover the entire bid amount.
FRLC had submitted the highest bid, totaling $526 million, for the Casecnan plant.
Additionally, Puno expressed First Gen’s interest in participating in the privatization of the 797.92 megawatts Caliraya-Botocan-Kalayaan (CBK) hydropower plants slated for next year. “We’re looking at it. We’re interested in CBK,” he confirmed.