PCC approves Prime Infra's P50B deal for First Gen gas assets

The Philippine Competition Commission (PCC) has approved the P50-billion deal between Prime Infrastructure Capital Inc. and First Gen Corp. for the acquisition of natural gas assets.

Prime Infra, led by Enrique Razon Jr., will acquire a 60 percent stake in First Gen subsidiaries related to its gas business, including the 1,000-MW Santa Rita, 500-MW San Lorenzo, 97-MW Avion, and the proposed 1,200-MW Santa Maria power plants, as well as an interim offshore liquefied natural gas (LNG) terminal.

First Gen will retain a 40 percent ownership in the acquired gas plants, and will co-own the LNG terminal with Prime Infra and Japan's Tokyo Gas, each holding 20 percent.

Prime Infra already holds a 45 percent stake in the Malampaya Gas Project, which supplies gas to these power plants.

Both companies continue to work towards satisfying all other conditions precedent for the deal's completion.