Fresh River Lakes Corporation (FRLC), a unit of First Gen Corporation, has secured the notice of award for the 165 MW Casecnan Hydroelectric Power Plant (CHEPP) in the Philippines. The company offered the highest bid, at USD526 million, for the sale power facility. This is the first power asset to be privatised under the new government.

Proceeds from the sale will be used to pay off loans that are set to mature in 2024.

The privatisation of the CHEPP is expected to increase competition in the sector, reduce energy prices as well as increase generation efficiency.