Razon-led Prime Infrastructure Capital Inc. has completed the acquisition of a majority stake in Lopez-led First Gen Corp.’s gas assets in Batangas City.
On Monday, Prime Infra finalized the P50-billion deal, securing a 60% controlling interest in the 1,000-MW Santa Rita, 500-MW San Lorenzo, 450-MW San Gabriel, 97-MW Avion, and the proposed 1,200-MW Santa Maria power plants. First Gen retains the remaining 40% ownership.
The transaction also gives Prime Infra a 60% stake in the offshore liquefied natural gas (LNG) terminal, with 20% held each by First Gen and Japan’s Tokyo Gas.
“These gas-fired power plants have played a critical role in supporting the Philippine economy and advancing the decarbonization of our energy mix. Our goal is to continue growing this platform together with First Gen to accelerate the country’s transition away from a power system that is still coal-dependent,” said Prime Infra president and CEO Guillaume Lucci.
The acquisition integrates Prime Infra’s gas assets under its subsidiary Prime Energy Resources Development B.V., operator of the Malampaya deep-water gas-to-power project, which is advancing Phase 4 drilling and exploration to maximize local gas resources.
“With this transaction, our Prime Infra assets are now fully connected across the energy value chain, from upstream to midstream to downstream,” Lucci added.
First Gen President and COO Francis Giles Puno said, “This partnership marks not just a new chapter, but a renewed commitment to the work that powers this nation every day, to grow our gas platform responsibly, to strengthen our country’s energy security, and to help ensure that the Philippines transitions to clean energy.”
Prime Infra invests in essential infrastructure sectors such as sustainable energy, water, and waste management, while First Gen operates renewable energy assets including geothermal, hydro, wind, and solar power, and continues developing geothermal projects abroad.