Prime Infra closes P50B deal to acquire 60% First Gen natgas assets

Razon-led Prime Infrastructure Capital Inc. (Prime Infra) has reached the financial close of its P50 billion transaction to acquire and operate the natural gas assets of First Gen Corp. in Batangas City. With the financial close, Prime Infra now owns 60 percent controlling stakes in the pool of natural gas-fired power plants, including the 1,000-megawatt (MW) Santa Rita Power, 500-MW San Lorenzo, 450-MW San Gabriel, 97-MW Avion and the proposed 1,200-MW Santa Maria, the company said in a statement on Monday, November 17, 2025. First Gen said the deal let it retain a 40-percent ownership of the natural gas assets. Prime Infra also now controls 60 percent of the Batangas offshore liquified natural gas terminal, with the other 20 percent owned by First Gen, and the remaining 20 percent by Japan’s Tokyo Gas, the companies said in their statements. Guillaume Lucci, Prime Infra president and chief executive officer, said the strategic partnership with First Gen will support energy security and the growth of sustainable energy in the Philippines. “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,” Lucci said. He also highlighted the synergy of the gas assets with Prime Infra subsidiary, Prime Energy Resources Development B.V., the operator of the Malampaya deep-water gas-to-power project, the country’s only indigenous natural gas field. “With this transaction, our Prime Infra assets are now fully connected across the energy value chain, from upstream to midstream to downstream,” Lucci explained. Meanwhile, Francis Giles Puno, First Gen president and chief operating officer, said the strategic partnership will help realize a decarbonized future in the country. “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,” Puno said. Prime Infra is the infrastructure arm of the Razon Group investing in, developing, and operating critical assets in essential sectors such as energy, water, and waste management. First Gen is the Lopez Group’s power business arm, which currently has 1,651 MW of installed renewable energy capacity from 28 solar, wind, hydro and geothermal power plants. It also has another 2,017 MW of capacity from four other power plants that run on natural gas in partnership with Prime Infra for a total capacity of 3,668 MW.