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.

“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.