GMA News
Prime Infra completes P50-B acquisition of First Gen's 60% gas assets
Prime Infrastructure Capital, Inc. (Prime Infra), led by businessman Enrique Razon Jr., has completed its acquisition of a 60% stake in First Gen Corporation's gas assets in Batangas City for P50 billion, reaching financial close on November 17.
The acquired assets include the 1,000-MW Santa Rita, 500-MW San Lorenzo, 450-MW San Gabriel, and 97-MW Avion power plants, along with the proposed 1,200-MW Santa Maria Power Plant.
Following the transaction, First Gen will retain a 40% ownership in these gas assets.
Prime Infra now holds a 60% share in the offshore liquefied natural gas (LNG) terminals, with First Gen and Tokyo Gas each maintaining a 20% stake.
Prime Infra aims to enhance the country's energy security and sustainable energy growth through this strategic partnership.
The company plans to further develop these gas assets to accelerate the Philippines' transition from a coal-dependent energy system.
Prime Infra has also synergized these gas assets under its subsidiary Prime Energy Resources Development B.V., the operator of the Malampaya deep-water gas-to-power project.
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