08 Feb 2024
On 30 January 2024, the Power Sector Assets and Liabilities Management Corporation (PSALM) received the Philippine Competition Commission (PCC) Certification for its clearance on the sale of the 165-megawatt Casecnan Hydroelectric Power Plant (CHEPP) by PSALM and the National Irrigation Administration (NIA) to Fresh River Lakes Corporation (FLRC). Following PCC’s clearance, PSALM issued its Certificate of Effectivity to FLRC on 31 January 2024 which marked the Casecnan Final Transaction Documents effective and binding among the Parties composed of PSALM, NIA and FRLC.
The Parties are now preparing for the ceremonial turnover of the CHEPP on 26 February 2024.
On 16 May 2023, FRLC was declared the highest bidder with its offer of USD526 million during the public bidding conducted by PSALM for the sale of CHEPP.
Strategic Communications and Partnership Division |