Fresh River Lakes Corp. (FRLC), a wholly owned subsidiary of First Gen Corp., has secured a total of P15 billion in loan facilities from three major Philippine banks—BDO Unibank Inc. (BDO), Bank of the Philippine Islands (BPI), and Rizal Commercial Banking Corp. (RCBC).
The financing will support FRLC’s general corporate requirements, reinforcing its role in the clean energy transition and energy security push of the country.
FRLC operates the 165-megawatt Casecnan hydroelectric power plant in Nueva Ecija, which was acquired by First Gen in 2023. The new loans mark a strategic move to solidify the company’s financial base and operational flexibility, while sustaining output from one of the country’s largest hydropower facilities.
“At First Gen, we believe that hydroelectric power plays a major role in delivering reliable and compelling clean energy solutions to our customers,” 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.”
The transaction underscores growing investor confidence in the energy firm’s renewables strategy and the broader momentum behind the Philippines’ energy security and decarbonization efforts. With this funding, FRLC is well-positioned to bolster its presence in the renewable energy sector, aligning with the government’s push for a cleaner and more sustainable energy mix.
