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Manila Bulletin devider Business devider Trade & Industry devider PCC clears Prime Infra buyout of majority stake in FGen's gas business

PCC clears Prime Infra buyout of majority stake in FGen's gas business

Published Oct 24, 2025 02:58 pm
Five months after Razon-led Prime Infrastructure Capital Inc. (Prime Infra) announced its plan to acquire a majority stake in Lopez-led First Gen Corp.’s (FGen) gas business, the Philippine Competition Commission (PCC) has given the deal its clearance.
In a disclosure to the Philippine Stock Exchange (PSE) on Friday, Oct. 24, FGen said the antitrust watchdog PCC has cleared Prime Infra’s acquisition of a 60-percent equity stake in its gas assets, valued around ₱50 billion.
“[PCC] has rendered a decision clearing the proposed transaction. FGen and Prime Infra [will] continue to work toward satisfaction of all other conditions precedent,” FGen stated, adding that it will issue a further statement soon.
This confirmation follows the earlier execution of a term sheet in which Prime Infra agreed to acquire a 60-percent stake in FGen’s natural gas portfolio. This includes the 1,000-megawatt (MW) Sta. Rita, 500-MW San Lorenzo, 450-MW San Gabriel, 97-MW Avion, and 1,200-MW Sta. Maria plants.
Prime Infra’s acquisition will also tap FGen’s interim offshore liquefied natural gas (LNG) terminal.
Prime Infra currently operates Malampaya gas field, which supplies gas to power plants in Batangas.
The Lopez-led firm will retain the remaining 40-percent stake to ensure continued stability and efficient operations of its gas-fired power plants, which currently hold about 2,017 MW of capacity.
Apart from the natural gas facilities it operates, FGen is scaling up its renewable energy (RE) fleet, as its president and chief operating officer (COO), Francis Giles Puno, earlier said that the company is increasing its investments in solar, wind, as well as geothermal energy.
He said the company expects to spend around $20 million to $25 million this year as it continues to secure permits for its first large-scale solar project.
To date, FGen has about 1,300 MW of geothermal, solar, and wind capacity.
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