Pantabangan - Masiway Hydroelectric Power Plant

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In September 2006, Government of Philippine's Power Sector Assets and Liabilities Management Corporation (PSALM) declared First Generation Hydropower Corporation (FGHPC) as the winning bidder for the 112-megawatt (MW) Pantabangan-Masiway Hydroelectric Power Plant Complex. The two plants are located in Nueva Ecija, and were previously owned by National Power Corp. (Napocor). FGHPC, as the new owner, was to sell the electricity produced at the complex into the wholesale electricity spot market (WESM). FGHCPC won the project through a competitive tender by bidding US$129 million which topped SN Aboitiz Power Inc.’s offer of US$ 112 million. As of Dec. 31, 2008, FGHCPC was owned by First Gen Corporation (40%) and Energy Development Corporation (EDC) (60%). Given that First Gen was 55% owned by First Philippine Holdings Corporation, while EDC was 40% owned by First Gen through First Gen's wholly owned subsidiary, Red Vuclan Holdings, First Philippine Holdings Corporation was the largest single shareholder in FGHCPC, with a 35% economic interest. The financial closure date was on November 16, 2006 when PSALM submitted the closing documents for the privatization of the abovementioned plant to FGHPC. At the same time, in compliance to Asset Purchase Agreement (APA), FGHPC delivered its Certificate of Closing and documentary deliverables, and posted a performance bond of US$2.58 million, which is equivalent to 2% of the purchase price to complete the transaction. The operational turnover of the plant was held on Friday, 17 November 2006.