First Gen Corp.
MANILA, Philippines – The Lopez majority has intensified its criticism of First Gen Corp.‘s hydropower deal with Prime Infrastructure Capital Inc., questioning why the energy company agreed to shoulder nearly all of the project’s funding while ending up with only a minority stake.
In a statement issued on Friday, the group called on First Gen CEO Federico “Piki” Lopez and the company’s board to explain and justify the transaction. They said this left First Gen paying for virtually 100 percent of Prime Infrastructure’s hydropower projects in exchange for a 33-percent stake.
READ: First Gen stands by Prime Infra deal amid Lopez feud
Article continues after this advertisement
