First Generation Hydropower Corp (FirstGen) has been named as the winning bidder for the 112 MW Pantabangan - Masiway hydro complex in the Philippines’ Nueva Ecija.

According to the Power Sector Assets and Liabilities Management Corp (Psalm), the government body charged with overseeing the privatisation of the country’s power sector, FirstGen bid $129 million for the stations.

Pantabangan-Masiway is the second major power asset to be bid out by Psalm following the attempted sale of the 600 MW Calaca coal plant in April which failed to meet the reserve price.

Next to be offered is the 360 MW Magat hydroelectric complex in Isabela and the 25-year concession of national transmission company TransCo.

The comples comprises the 100 MW Pantabangan facility and the 12 MW Masiway plant.

According to Psalm, the FirstGen offer beat SN Aboitiz Power Inc, which offered $112 million.