Prime Infrastructure Capital, Inc. has secured a PHP 47-billion financing package to support its acquisition of a 60% stake in First Gen Corporation’s natural gas assets in Batangas. 

The omnibus loan and security agreement was signed on November 12 with BDO Unibank and the Bank of the Philippine Islands as lenders, and BDO Capital as mandated lead arranger and bookrunner. A ceremonial signing later gathered Prime Infra Chairman Enrique K. Razon Jr., President and CEO Guillaume Lucci, and senior bank officials.

Lucci said the deal reinforces confidence in the company’s strategic direction. “This partnership with our banking institutions reflects their confidence in Prime Infra’s long-term strategy on energy security. This financing strengthens our position in natural gas and supports our goal of building an integrated energy platform that the country can rely on for decades,” he said.

The financing will cover Prime Infra’s acquisition of controlling stakes in key First Gen facilities — the 1,000-MW Santa Rita, 500-MW San Lorenzo, 450-MW San Gabriel, and 97-MW Avion power plants — as well as the proposed 1,200-MW Santa Maria project. First Gen retains a 40% interest in these assets.

Prime Infra also now holds a 60% stake in the offshore LNG terminal, with First Gen and Tokyo Gas owning 20% each. Company executives and banking representatives attended the ceremony, underscoring the scale and significance of the partnership.

How will Prime Infra’s expanded presence in the natural gas sector influence the country’s long-term energy security strategy?

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