IPP
, Philippines
1003 views

First Gen subsidiary wins bid for Casecnan hydropower plant

The 165MW hydroelectric power plant is located in Nueva Ecija.

Fresh River Lakes Corporation, a wholly-owned subsidiary of First Gen Corporation has won the bid for the Casecnan Hydroelectric Power Plant in Nueva Ecija following the offering of the highest bid at $526m.

In a statement, the Philippine Department of Energy said the state-owned Power Sector Assets and Liabilities Management Corporation (PSALM) opened forbidding the 165-megawatt (MW) run-of-river hydroelectric plant with a minimum bid price of around $227.27m.

“The successful privatization of this crucial power plant represents a significant milestone in our efforts to strengthen energy security,” said Energy Secretary Raphael Lotilla.

READ MORE: China-concentrated capacity drives APAC as hydropower ‘powerhouse’

“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,” he added.

PSALM received eight bids, some of which include the consortium of EEI Power Corporation, Soosan ENS. Co. Ltd., Soosan Industries Co. Ltd., and Mapalad Power Corporation at $298.9m, and Neptune Hydro Inc. at $258m.

PSALm and the National Irrigation Administration (NIA) held 60% and 40% share of the plant respectively, after the conclusion of the build-operate-transfer deal between the California Energy Casecnan Water and Energy, and the NIA on 11 December 2021.

Follow the link for more news on

Join Asian Power community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!