First Gen Corp., a listed power company of the Lopez group, said Wednesday that its wholly-owned subsidiary Fresh River Lakes Corp. was declared “as the highest ranking bidder” for the 165-megaWatt Cesecnan Hydroelectric Power Plant.
The Casecnan plant, used for both irrigation and power generation, is co-owned by the National Irrigation Administration and the Power Sector Asset and Liabilities Management Corp. It was turned over to the government in 2021 after a 20-year build-operate-transfer arrangement ran its course.
Fresh River offer to pay $526 million to the power and irrigation facility, more than double the offer submitted by two other groups who joined the tender on Tuesday,
First Gen said Fresh River will have to undergo post-tender qualification by PSALM before it is declared as bid winner.
