MANILA, Philippines - Lopez-led First Gen Corp. said on Wednesday it plans to raise about P14 billion this year to refinance debt, fund projects and redeem issued bonds.

The country's biggest privately held power-generation firm told the Philippine Stock Exchange the bond redemption was a $260-million convertible bond issue.

On Tuesday, First Gen president Federico Lopez said the company would spend $1.5 billion for expansion in the next 3 to 5 years. The expansion plan covers the rehabilitation and construction of power plants that will add up to 1,000 megawatts to First Gen's capacity.

Shares of First Gen were unchaged at P10.25 apiece on Wednesday.