BDO Unibank, Inc. (BDO) has granted P10-billion in financing to the Casecnan Hydroelectric Power Plant in Nueva Ecija province.
The funds support Fresh River Lakes Corporation (FRLC), a subsidiary of First Gen Corporation, in the acquisition of the P29.5- billion (US$ 527 million) purchase of the 165-megawatt 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.
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.
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.
The 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 the 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 Executive Vice President and Head of Institutional Banking Group.
The 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.