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MANILA, Philippines – Independent directors of First Gen reaffirmed support for its multibillion-peso investment in two pumped-storage hydropower projects of Prime Infrastructure Capital Inc. despite ongoing scrutiny linked to the Lopez family feud.
In a statement, the directors said they stand by the approval of First Gen’s investment in the 600 MW Wawa and 1.400 MW Pakil projects following an independent review.
READ: P50-B ‘premium’ in Lopez-Razon hydropower deal questioned
“We stand four-square behind our decision to support both projects,” the independent directors said, noting that the transactions were unanimously approved by the First Gen board.
