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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 reached the financial close of its P50-billion transaction to acquire and operate the gas assets of clean energy provider First Gen Corp. (First Gen) in Batangas City. 

With the financial close on Monday, November 17, Prime Infra now owns 60% controlling stake of the 1000-megawatt (MW) Santa Rita Power Plant, the 500-MW San Lorenzo Power Plant, the 450-MW San Gabriel Power Plant, the 97-MW Avion Power Plant, and the proposed 1200-MW Santa Maria Power Plant. First Gen retains 40% ownership of these gas assets. 

Prime Infra also now controls 60% of the offshore liquified natural gas (LNG) terminal, with 20% owned by First Gen, and 20% by Japan’s Tokyo Gas.

Prime Infra President and CEO Guillaume Lucci said the strategic partnership with First Gen will support energy security and the growth of sustainable energy in the Philippines. 

“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,” Lucci said.  

Lucci also highlighted the synergy of the gas assets with Prime Infra subsidiary Prime Energy Resources Development B.V., operator of the Malampaya deep-water gas-to-power project, the country’s only indigenous gas field. Together with the Malampaya consortium, Prime Energy is undertaking Phase 4 drilling and exploration to maximize the country’s indigenous gas resources. 

“With this transaction, our Prime Infra assets are now fully connected across the energy value chain, from upstream to midstream to downstream,” Lucci said.

First Gen President and Chief Operating Officer Francis Giles Puno expressed optimism for the strategic partnership and highlighted its push towards a decarbonized and regenerative future. 

“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,” Puno said.

Lucci and Puno led a joint Prime Infra–First Gen town hall for gas plant employees, outlining the strategic vision for the gas assets and emphasizing their commitment to operational excellence and safety.

Also present from the Prime Infra Group were Board Director Stephen Paradies, Chief Financial Officer Sandy Alipio, Chief Compliance Officer Amabelle Asuncion, Chief Administrative Officer Minerva Matibag; Prime Energy President President and CEO Donnabel Cruz and Chief Financial Officer Anna Katrina de Leon; and Prime CoreGen Chief Administrative Officer Maita Villanueva.

Meanwhile, on the First Gen side, also in attendance were President and COO for Gas Anthony Julicer Alvis, President and COO for LNG Vincent Martin Villegas, Executive Vice President and Head of Legal and Regulatory Victor Emmanuel Santos, EVP and CFO Emmanuel Singson, Senior Vice President, CFO, and Treasurer for Gas Denise Mercado, and Vice President and Head of Human Resources Anna Karina Gerochi.

Prime Infra is the infrastructure arm of the Razon Group, investing in, developing, and operating critical assets in essential sectors such as sustainable energy, water, and waste management. Among its assets are Manila Water Company, Inc., a publicly listed water utility that supplies water to over 7.7 million Filipinos; Prime Energy, the operator of the Malampaya deep water gas-to-power project, and Prime Waste Solutions, a company focused on turning waste into value.

First Gen is the publicly listed power generation company of the Lopez Group. Aside from its newly established partnership with Prime Infra in natural gas, First Gen operates the country’s largest portfolio of renewable energy which includes geothermal, hydro, wind, and solar power. Through its geothermal power unit Energy Development Corporation, it is also developing geothermal prospects in Indonesia in partnership with PT DSSR Daya Mas Sakti, a subsidiary of Sinar Mas group of Indonesia.