Prime Infra secures P47 billion financing for First Gen gas asset acquisition

Prime Infrastructure Capital, Inc. (Prime Infra), led by businessman Enrique Razon Jr., has secured a P47-billion financing package to support its acquisition of a 60% stake in First Gen Corporation's gas assets.

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.

The omnibus loan and security agreement was inked on November 12, 2025, with BDO Unibank Inc. and Bank of the Philippine Islands (BPI) as lenders.

Prime Infra announced the completion of the acquisition for P50 billion earlier this week.

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.

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.