The Philippine Competition Commission (PCC), the independent quasi-judicial body established under the Philippine Competition Act (Republic Act No. 10667), has cleared the planned acquisition by Prime Infrastructure Capital Inc. (Prime Infra) of a 60% stake in First Gen Corp.’s natural gas-fired power portfolio in Batangas, marking a key regulatory milestone in the multibillion-peso transaction.

In a disclosure to the Philippine Stock Exchange dated October 23, 2025, First Gen said the parties “were today advised by the Philippine Competition Commission that it has rendered a decision clearing the proposed transaction.”

The agreement covers several of First Gen’s major gas-fired facilities, including the 1,000-megawatt (MW) Santa Rita, 500-MW San Lorenzo, 450-MW San Gabriel, and 97-MW Avion power plants. It also includes the planned 1,200-MW Santa Maria power project and First Gen’s interim offshore liquefied natural gas (LNG) terminal.

The share purchase agreement was signed in July 2025, with the transaction valued at approximately PHP 50 billion.

First Gen added that it and Prime Infra “continue to work towards satisfaction of all other conditions precedent” before the deal can be completed.

The acquisition gives Prime Infra, led by businessman Enrique Razon Jr., a major entry point into the country’s natural gas power sector. For First Gen, the divestment is expected to unlock capital for expanding its renewable energy portfolio and other clean energy ventures.

What impact do you think this deal’s progress will have on the country’s energy transition and future LNG investments? Share your thoughts.

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