The Philippine Competition Commission (PCC) has cleared Fresh River Lakes Corp.’s (Fresh River) proposed acquisition of the Casecnan Hydroelectric Power Plant from the Power Sector Assets and Liabilities Management Corp. and National Irrigation Administration.

The PCC on Jan. 25, 2024, cleared Fresh River, a subsidiary of Lopez-led First Gen. Corp., to take over the Casecnan Plant, seeing that the transaction would not result in substantial lessening of competition in the relevant markets.

Fresh River secured the 165-megawatt Casecnan Plant with the highest bid of US$526 million.

This facility located near Pantabangan and Muñoz, Nueva Ecija is a run-of-river hydroelectric power plant which diverts water from the Casecnan and Taan Rivers through a 26-kilometer-long tunnel to generate energy.