Lopez-owned Bacman Geothermal Inc. has completed the payment for the geothermal facilities it bought from the government.

Bacman — the corporate vehicle of First Gen Corp. — said Friday it paid the state-run Power Assets and Liabilities Management Corp. (PSALM) some P1.28 billion for its acquisition of the 150-megawatt (MW) Bacon-Manito (BacMan) geothermal power facilities.

"Our main focus now is to rehabilitate [the] plants and restore capacity and reliability factors to 100 percent to add clean, reliable, and much-needed power to the Luzon grid," First Gen executive vice president Richard Tantoco said in a statement.

"With the turnover of the Bacman power plant, we are now fully integrated across the geothermal value chain," Tantoco added. Read more...

(www.gmanews.tv)