First Gen Corporation has announced that its wholly-owned subsidiary, Fresh River Lakes Corp. (FRLC), has signed loan agreements totaling PHP15 billion with three of the country’s largest banks: BDO Unibank, Bank of the Philippine Islands (BPI), and Rizal Commercial Banking Corporation (RCBC).

According to the company’s disclosure to the Philippine Stock Exchange, the agreements were finalized on July 18, 2025. The loan will be used to support the general corporate requirements of FRLC, which owns and operates the 165-megawatt Casecnan hydroelectric power plant in Nueva Ecija.

First Gen President and Chief Operating Officer Francis Giles B. Puno told reporters that the amount represents the acquisition loan used to take over the hydro project, which was initially funded by the parent company and later restructured into project-level debt after operations were stabilized.

The Casecnan facility plays a critical role in First Gen’s clean energy portfolio. The company said that the newly secured funds will help ensure continued operational reliability while reinforcing its commitment to sustainable energy solutions.

“At First Gen, we believe that hydroelectric power plays a major role in delivering reliable and compelling clean energy solutions to our customers. It is vital for the country’s energy security and decarbonization goals,” said Emmanuel P. Singson, Chief Financial Officer of First Gen. “This latest financing will further strengthen our ability to continue delivering a competitive and dependable portfolio of clean energy to the nation. We deeply appreciate the continued trust and support of our partner banks BDO, BPI, and RCBC.”

First Gen, a member of Lopez Group of Companies, is among the Philippines’ leading providers of clean and renewable energy. 

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