First Gen Corporation subsidiary, Fresh River Lakes Corp., has been declared as the winning bid for the 165-megawatt (MW) Casecnan hydroelectric power plant (CHEPP) amounting to USD 526 million.
This marks the first power asset to be privatized under the Marcos Administration.
“The successful privatization of this crucial power plant represents a significant milestone in our efforts to strengthen energy security. With the private sector injecting the necessary efficiency and capital for energy expansion, we can ensure a reliable and resilient energy sector for our nation’s future,” Energy Secretary Raphael Lotilla said in a statement.
The bidding was conducted by the Power Sector Assets and Liabilities Management Corporation (PSALM). The move is a continuation of the privatization of the state-owned assets which were previously under the control and management of the National Power Corporation.
Among the other notable bids include the consortium between EEI Power Corporation, Soosan ENS Co. Ltd., Soosan Industries Co. Ltd., and Mapalad Power Corporation amounting to USD 298.9 million, and Neptune Hydro Inc. amounting to USD 258 million.
DOE said that Fresh River Lakes will go through a post-qualification process to verify the documents submitted by the company.
The 165 MW Casecnan plant is a run-of-river type of power facility with limited impounding located in Pantabangan, Nueva Ecija.