First Gen rejects Lopez majority’s claims on hydro deal

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MANILA, Philippines – First Gen Corp. rejected fresh allegations from the Lopez majority over its investment in Prime Infrastructure Capital Inc.’s hydropower business, calling the claims erroneous, malicious, and based on a misunderstanding of M&A transactions.

In a clarification submitted to the local bourse, the Lopez-led energy firm defended its investment in Prime Hydropower Energy Inc. (PHEI), developer of the Wawa and Pakil hydropower projects.

READ: P50-B ‘premium’ in Lopez-Razon hydropower deal questioned

The response followed allegations that Federico “Piki” Lopez agreed to pay Prime Infra a P50-billion premium and P25 billion in construction equity under First Gen’s original P75-billion hydropower deal.