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Manila Bulletin devider Business devider Trade & Industry devider FGen, Prime Infra seek PCC nod to complete gas sale

FGen, Prime Infra seek PCC nod to complete gas sale

Published Jul 16, 2025 10:12 am
Months after Razon-led Prime Infrastructure Capital Inc. (Prime Infra) moved to acquire a majority stake in the gas business of Lopez-led First Gen Corp. (FGen), both parties are now awaiting the green light from the anti-trust watchdog Philippine Competition Commission (PCC) to complete the deal.
In a disclosure to the Philippine Stock Exchange (PSE) on Wednesday, July 16, the firms said FGen and Prime Infra signed a share purchase agreement (PSA), allowing the Razon-led infrastructure firm to take a 60-percent equity stake in six of FGen’s gas-fired power plants.
This deal will be subject to the approval of the PCC, among other conditions needed to secure the partnership.
According to FGen, Prime Infra will take up a substantial ownership of FGen’s 1,000-megawatt (MW) Santa Rita, 500-MW San Lorenzo, 450-MW San Gabriel, 97-MW Avion, and the proposed 1,200-MW Santa Maria gas power plants.
Prime Infra will also take up the Interim Offshore liquefied natural gas (LNG) terminal.
These acquisitions are worth ₱50 billion and will be subject to adjustments if deemed necessary by both companies.
“First Gen will likewise be entitled to receive additional earnout amounts, subject to the fulfillment of certain conditions,” it said.
This collaboration was earlier announced last May, as FGen previously explained that it would further improve and expand its natural gas platforms to help contribute to the country’s energy security.
Aside from this acquisition, Prime Infra manages Prime Energy Development Resources B.V. (Prime Energy), which is the operator of the Malampaya deepwater gas-to-power project. Its current drilling activities are set to progress before the end of the year, with its first development well anticipated for completion by August.
FGen, on the other hand, has a diversified power production portfolio, ranging from clean and indigenous fuels such as natural gas, geothermal, hydroelectric, wind, and solar energy.
It currently has about 3,668 MW of installed capacity, which is about 18 percent of the country’s gross power generation.

Related Tags

First Gen Corp. (FGen) Prime Infrastructure Capital Inc. (Prime Infra)
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