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MANILA, Philippines – First Gen Corp. has defended its multibillion-peso investment in Prime Infrastructure Capital Inc.’s hydropower business, rejecting allegations from the Lopez family majority that the transaction unfairly favored Prime Infra and exposed the listed energy company to excessive risks.
In a clarification submitted to the local bourse on Wednesday, First Gen said claims that chair and CEO Federico “Piki” Lopez effectively funded the entire hydropower project through a hefty transaction premium were inaccurate and misleading.
READ: P50-B ‘premium’ in Lopez-Razon hydropower deal questioned
The statement was issued after the Lopez majority reignited its feud with Piki Lopez by alleging that First Gen had agreed to pay Prime Infra P50 billion as transaction premium and another P25 billion as construction equity under an original P75-billion deal for a 40-percent stake in Prime’s hydropower platform.
