First Gen Corp., the power generation arm of the Lopez Group, said Monday its unit, Fresh River Lakes Corp., has officially been named winner of the bid for the 165-megaWatt Casecnan hydroelectric power plant.
The Power Sector Assets and Liabilities Management Corporation handed the notice of award to Fresh River weeks after the First Gen unit submitted the highest bid of $526 million, besting several others and better than the price sought by PSALM. The Cesecnan hydroelectric plant, located in Pantabangan, Nueva Ecija, is also used for irrigation.
PSALM put a tag price of $227.3 million for the Cesecnan hydroelectric plant.
As winning bidder, Fresh River must comply with PSALM’s requirements to close the deal.
