Philippines' First Gen eyes financing for hydro projects

Philippine power producer First Gen Corp is exploring all possible financing optionsto fund two hydro power projects worth about 8 billion pesos or $185 million. This include selling debt and equity.

First Gen, which is seeking to expand its renewable energy portfolio, told the stock exchange it would give priority to the development of the 30 megawatt Puyo and 23 MW Bubunawan run-of-river projects on the southern Mindanao island.

The company issued the disclosure after local paper Philippine Daily Inquirer reported on its fund-raising plans, including a sale of perpetual preferred shares, to finance the two power projects, according to Reuters.

Preliminary engineering studies were now ongoing for the two power projects, the company said.