First Gen Corp. has secured bidding documents for the privatizing Caliraya–Botocan–Kalayaan (CBK) hydroelectric power plant complex in Laguna.
“We’re interested in it because of course we have recently completed the Casecnan (acquisition.). It will enable more renewable energy to come online,” Francis Giles Puno, First Gen president and chief operating officer, told reporters in a chance interview in Albay.
The enterprise, Puno also said, is pushing for more investments in clean and renewable energy consistent with the target 35 percent renewable energy mix by 2030 and 50 percent by 2040 as drawn by the government.
“It’s a challenge but we’re up to it as First Gen supports the initiatives of the government,” Puno reiterated.
In March, Finance Secretary Ralph Recto said the Power Sector Assets and Liabilities Management Corp. (PSALM) is focused on privatizing the CBK hydroelectric complex to help keep the budget deficit in check.
The CBK hydro facilities has a contracted capacity of 796.64 megawatts run by independent power producer CBK Power Co. Ltd. under a 25-year build–rehabilitate–operate–transfer contract that expires in 2026.
“We could probably generate anywhere from P50 billion to P100 billion.That will help plug our deficit for next year,” Recto, as PSALM chairman, said then.
First Gen has a portfolio of natural gas, geothermal, hydroelectric, wind and solar facilities generating combined capacity of 3,668.2 MW.
It plans spending USD20 billion til 2023 when its capacity hits 13,000 MW.
