The acquisition includes the switchyard, administration complex, guest house and roads.
First Gen Corporation subsidiary Fresh River Lakes Corporation secured the 165-megawatt Casecnan Power Plant after it won an auction with a $526m offer.
In a statement, First Gen said winning the auction would help the company save cost and time to build a similar project.
“From the perspective of First Gen, building a similar hydro plant from scratch would have been more expensive and would have required a lengthy preparation time of up to seven—if not more years for planning, designing, permitting and construction,” said Dennis Gonzales, Senior Vice President and Head of the Hydro Group of First Gen.
The power plant was auctioned by the Power Sector Assets and Liabilities Management Corporation (PSALM) last year as part of the government’s privatisation programme.
The ownership of non-power components will remain with the government through PSALM and the National Irrigation Administration.
First Gen currently operates the 132 MW Pantabangan-Masiway Hydropower Plant and is constructing the 120 MW Aya pumped storage hydro project.
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