^{In photo: Prime Infra and First Gen leaders conducted a joint visit to the Batangas clean energy complex, a strategic facility comprising the gas-fired power plants and offshore LNG terminal, critical to the country’s energy security.}

Razon-led Prime Infrastructure Capital Inc. (Prime Infra) has completed its PHP 50-billion acquisition of a majority stake in First Gen Corp.’s natural gas assets in Batangas City, giving it operational control of the country’s largest gas-fired power complex and its interim offshore LNG terminal.

The financial close, finalized on November 17, transfers to Prime Infra a 60% stake in 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 40% ownership.

Prime Infra also now holds 60% of the offshore liquefied natural gas (LNG) terminal, while First Gen and Tokyo Gas each retain 20%.

The transaction, among the most significant in the natural gas sector in recent years, cements Prime Infra’s strategic push to integrate its upstream, midstream, and downstream energy operations. It follows antitrust approval from the Philippine Competition Commission in October and forms part of First Gen’s broader reallocation of capital toward geothermal and other renewable investments.

“These gas-fired power plants have played a critical role in supporting the Philippine economy and advancing the decarbonization of our energy mix. Our goal is to continue growing this platform together with First Gen to accelerate the country’s transition away from a power system that is still coal-dependent,” Prime Infra President and CEO Guillaume Lucci said.

He added that the acquisition creates full value-chain alignment with Prime Infra subsidiary Prime Energy, operator of the Malampaya gas field, which is pursuing Phase 4 drilling to extend indigenous gas production. 

“This partnership marks not just a new chapter, but a renewed commitment to the work that powers this nation every day, to grow our gas platform responsibly, to strengthen our country’s energy security, and to help ensure that the Philippines transitions to clean energy,” First Gen President and COO Francis Giles Puno said.

Lucci and Puno led a town hall with company executives and gas plant employees, highlighting operational continuity, safety, and the shared growth roadmap for the combined platform.

What’s your view on how this partnership will influence gas supply stability, LNG reliance, and the country’s clean energy shift? Join the discussion.

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