Prime Infra finalized a P50-billion deal to acquire 60% of First Gen’s gas assets, strengthening energy security and accelerating clean energy transition.
Prime Infrastructure Capital Inc. (Prime Infra), the infrastructure conglomerate led by Enrique Razon, has formally completed the financial closing of its P50-billion agreement to acquire a controlling interest in the natural gas portfolio of First Gen Corp. in Batangas City. The milestone, achieved on Monday, November 17, solidifies Prime Infra’s 60% ownership stake in several major gas-fired power facilities, marking one of the most significant transactions in the Philippine energy sector in recent years.
Under the finalized deal, Prime Infra now holds a majority share in the 1,000-megawatt (MW) Santa Rita Power Plant, the 500-MW San Lorenzo Power Plant, the 450-MW San Gabriel Power Plant, and the 97-MW Avion Power Plant. The company also secures a 60% interest in the planned 1,200-MW Santa Maria Power Plant, which forms a crucial component of future energy supply expansion. First Gen will maintain its 40% stake across all these assets, preserving its long-standing involvement in the country’s natural gas sector.
Additionally, Prime Infra has obtained a 60% controlling interest in the offshore liquefied natural gas (LNG) terminal located in Batangas. The remaining ownership is split between First Gen, which holds 20%, and Tokyo Gas of Japan, also with a 20% stake. This infrastructure serves as a vital link in ensuring reliable LNG supply as the Philippines seeks to diversify and fortify its energy sources.
Prime Infra President and CEO Guillaume Lucci emphasized that the partnership with First Gen not only enhances energy security but also reinforces the push toward cleaner and more sustainable power generation. He noted that the gas-fired power plants have historically been instrumental in supporting economic growth while reducing the carbon intensity of the national energy mix. Lucci reiterated that expanding the gas platform with First Gen aligns with the broader ambition of accelerating the country’s shift away from heavy dependence on coal.
Lucci further pointed out the strong synergy between these gas assets and Prime Infra’s subsidiary, Prime Energy Resources Development B.V.—the operator of the Malampaya deep-water gas-to-power project, the Philippines’ lone indigenous gas source. Prime Energy, alongside consortium partners, is advancing Phase 4 drilling and exploration activities to optimize domestic natural gas output. With this acquisition, Lucci highlighted that Prime Infra’s portfolio is now fully integrated across the entire energy value chain, covering upstream, midstream, and downstream operations.
First Gen President and Chief Operating Officer Francis Giles Puno expressed confidence in the collaboration, framing it as a strengthened commitment to responsible growth and a more decarbonized future. He stated that the partnership not only ushers in a new phase for both companies but also reinforces their shared mission of supporting national energy security and ensuring an orderly transition toward cleaner energy systems.
During a town hall meeting with employees of the gas plants, Lucci and Puno jointly outlined the strategic direction for the newly consolidated gas assets, emphasizing safety, operational excellence, and long-term reliability. Key executives from both Prime Infra and First Gen were present, reflecting the high importance placed on seamless integration and unified leadership.
Prime Infra, the Razon Group’s infrastructure platform, continues to expand its presence across essential sectors, including sustainable energy, water, and waste management. Its portfolio includes Manila Water Company, Prime Energy (operator of Malampaya), and Prime Waste Solutions. First Gen, the Lopez Group’s energy arm, remains a pioneer in renewable energy with extensive geothermal, hydro, wind, and solar operations, and is also exploring geothermal opportunities in Indonesia through its subsidiary Energy Development Corporation.
