The Daily Tribune
FGEN unit closes P15-B Casecnan loan
Lopez-led Fresh River Lakes Corp. (FRLC), a subsidiary of First Gen Corp. (FGEN), has secured a P15 billion loan from BDO Unibank, Bank of the Philippine Islands, and Rizal Commercial Banking Corp.
The loan agreements were signed on July 18.
The funds will primarily repay FGEN for expenses incurred in the acquisition and operation of the 165-megawatt Casecnan hydroelectric power plant in Nueva Ecija.
FRLC won the bid for the Casecnan facility in 2024 for $227 billion, which is a run-of-river type power plant.
The Casecnan plant was developed in the 1990s and was covered by a build-operate-transfer agreement that ended on December 11, 2021.
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