Refinancing of the Pantabangan and Masiway Hydro Power Plants - DEG

Deutsche Investitions- und Entwicklungsgesellschaft mbH (“DEG”) has been mandated by First Gen Hydro Power Corporation (“FGHPC”) to arrange the financing for the payment of the 2006 acquisition of the 112 MW Pantabangan and Masiway Hydro Power Plants located about 180 km north of Metro Manila in Luzon, the Philippines.  This will involve the refinancing of the outstanding principal of the deferred payment facility provided by Power Sector Assets and Liabilities Management Corporation (“PSALM”) and additional amounts earmarked for the ongoing rehabilitation and expansion at Pantabangan.  IPA Energy + Water Economics has been mandated to prepare a power market study and project-specific forecasts to support the DEG and other lenders to help complete the due diligence process.