Powering Luzon with clean energy. The Casecnan Hydroelectric Power Plant providing electricity in Luzon.
In a move to strengthen the country’s clean energy future, BDO Unibank, Inc. (BDO) supports Fresh River Lakes Corporation (FRLC), a subsidiary of First Gen Corporation, in the acquisition of the 165-megawatt (MW) Casecnan Hydroelectric Power Plant.
This landmark deal highlights BDO’s commitment to national development through funding and investments in critical energy infrastructure, ensuring a stable and sustainable power supply for Luzon.
The Casecnan Hydroelectric Power Plant in Nueva Ecija plays a dual role in energy security and water resource management. Beyond its renewable energy generation, it helps sustain the Pantabangan Dam’s water storage capacity, providing irrigation for thousands of farmers.
With the transition of ownership from the Philippine government to FRLC, operations continue seamlessly—reinforcing the facility’s significant contribution in Luzon’s power stability.
BDO extended PHP 10 billion in financing to First Gen to help fund the PHP 29.5 billion (US$ 527 million) purchase of Casecnan Hydroelectric Power Plant facility. The Bank also offered the bid bond, purchase price funding and facilitated the necessary U.S. dollars for the requirement.
“BDO has long been a trusted partner of the Lopez Group, supporting its most transformative projects. The Bank’s proactive approach and deep understanding of our business allowed for a seamless transaction, from bid submission to closing. Our banking relationship with BDO is invaluable,” said Francis Giles B. Puno, Vice Chairman and Chief Executive Officer of FRLC.
“We continue to back worthwhile initiatives that foster economic development. As we move towards a sustainable future, we help bolster the nation’s power infrastructure for businesses, communities and households, creating long-term energy security,” shared Eduardo V. Francisco, President of BDO Capital.
Conducting regular maintenance procedures. Technicians perform thorough facility and equipment upkeep to ensure optimal operations.
The Casecnan Hydroelectric Power Plant adds a stable renewable energy source to Luzon’s power grid at a time when energy demand continues to rise. This project is part of First Gen’s broader strategy to expand its clean energy portfolio, which currently supplies 18% of the country’s electricity through natural gas, geothermal, wind, solar, and hydro power.
Over the next five years, FRLC plans to optimize the plant’s efficiency, integrate it with existing hydro assets, and explore further renewable energy projects.
BDO’s support to this hydroelectric power plant acquisition reflects its on-going commitment to advancing infrastructure projects that drive sustainable economic growth.
“Our partnership with FRLC on the Casecnan project is a testament to our mission to support sustainable and crucial investments. We remain committed to empowering the energy sector by providing financial resources to fuel progress, meet the country’s growing energy needs and create jobs for Filipinos,” said Charles M. Rodriguez, BDO’s Executive Vice President and Head of Institutional Banking Group.
