MANILA - First Gen Corp confirmed that it is looking to bid for the Caliraya-Botocan-Kalayaan (CBK) hydroelectric power plant in Laguna.

In a disclosure to the stock exchange, First Gen said its wholly-owned subsidiary First Gen Prime Energy Corporation, was among the entities listed by the Power Sector Assets and Liabilities Management Corporation allowed to take part in the bidding for the CBK.

The hydroelectric plant, which can generate more than 728 megawatts, is currently operated by a Japanese joint venture.

"First Gen is keenly interested to expand its current renewable portfolio of geothermal, hydro, solar and wind, and CBK will be a beneficial addition to the group," the company said.

First Gen earlier said it aims to grow its low carbon energy portfolio to 13,000 MW or 13 GW, and majority of this will be from renewable energy, in line with the Philippine Energy Plan.

Earlier this year, the company took over the 165-megawatt Casecnan hydroelectric power plant in Pantabangan, Nueva Ecija after its subsidiary, Fresh River Lakes Corporation, won the bid with $526 million.

The company operates several renewable energy plants ranging from hydro, solar, wind and geothermal.

First Gen and ABS-CBN are both part of the Lopez Group of companies.

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