Prime Infrastructure Capital Inc. (Prime Infra), led by tycoon Enrique Razon, has completed its ₱50-billion acquisition of a 60 percent stake in First Gen Corp.’s natural gas portfolio in Batangas City.
The transaction gives Prime Infra controlling interest in a suite of major gas-fired power plants—including the 1,000 MW Santa Rita, 500 MW San Lorenzo, 450 MW San Gabriel, 97 MW Avion, and the planned 1,200 MW Santa Maria facility. First Gen retains the remaining 40 percent.
Prime Infra also now holds 60 percent of the Batangas offshore LNG terminal, with First Gen and Tokyo Gas owning 20 percent each.
Prime Infra president and CEO Guillaume Lucci said the partnership strengthens the country’s energy security and accelerates the shift to cleaner power. He noted that the deal integrates Prime Infra’s gas value chain, linking the newly acquired assets with Prime Energy, operator of the Malampaya gas field.
First Gen president and COO Francis Giles Puno said the collaboration reflects a shared commitment to expanding the country’s gas platform responsibly and advancing the Philippines’ decarbonization goals.
Prime Infra serves as the Razon Group’s infrastructure arm, while First Gen remains the Lopez Group’s power unit with a combined 3,668 MW in renewable and natural gas capacity.
