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Manila Bulletin devider Business devider Banking & Finance devider BDO bankrolls Prime Infra's 60% stake in First Gen gas portfolio

BDO bankrolls Prime Infra's 60% stake in First Gen gas portfolio

Published Jan 9, 2026 02:54 pm
Strengthening energy infrastructure. The offshore LNG terminal now forms part of Prime Infra’s portfolio following its acquisition of a 60% stake in First Gen’s gas assets.
Strengthening energy infrastructure. The offshore LNG terminal now forms part of Prime Infra’s portfolio following its acquisition of a 60% stake in First Gen’s gas assets.
BDO Unibank Inc., the Philippines’ largest lender by assets, provided ₱30 billion to help finance Prime Infrastructure Capital Inc.’s acquisition of a controlling stake in gas assets previously held by First Gen Corp.
In a statement, BDO said the financing accounts for 60 percent of the ₱50 billion total package required for Prime Infra to secure a 60 percent interest in the portfolio.
The transaction is one of the most significant energy deals in the Philippines in recent years, aligning with government efforts to stabilize power costs and transition to a more reliable energy mix.
The loan facility carries a 10-year term. BDO Capital & Investment Corp. served as the mandated lead arranger for the deal, while BDO Trust Investments Group acted as the facility agent and collateral trustee.
The Sy-led bank’s participation underscores its strategy to back high-impact infrastructure projects that support national development goals.
Prime Infra President and Chief Executive Officer Guillaume Lucci said the lender’s role is essential in scaling the country’s natural gas infrastructure.
These investments are intended to strengthen energy security as the Philippines shifts away from coal-heavy power generation toward a cleaner system.
The acquisition marks a pivotal expansion of Prime Infra’s energy portfolio. Its partnership with First Gen, led by the Lopez family, is expected to enhance the domestic natural gas value chain.
BDO Capital President Eduardo V. Francisco described the agreement as a landmark deal that highlights the bank’s commitment to providing strategic financing for critical infrastructure projects.
Following the close of the transaction, Prime Infra owns 60% of four existing gas-fired facilities with a combined capacity of more than 2,000 megawatts. The deal also includes the proposed 1,200-megawatt Santa Maria gas plant located in Batangas. First Gen retains a 40% interest in these assets.
Furthermore, Prime Infra now holds a 60 percent stake in an offshore liquefied natural gas terminal in Batangas. First Gen and Japan’s Tokyo Gas Co. each maintain a 20 percent holding in that facility.
The Clean Energy Complex in Batangas is a cornerstone of the Philippine Energy Plan 2023-2050, which targets a 35 percent renewable energy mix by 2030 and 50 percent by 2040. Natural gas is viewed by the government as a crucial bridge fuel to support intermittent renewable sources like solar and wind.

Related Tags

BDO Unibank Inc. Prime Infrastructure Capital Inc. First Gen Corporation BDO Capital Eduardo V. Francisco Guillaume Lucci
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