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From L-R: Prime Infra Chief Financial Officer Sandy Alipio, President and CEO Guillaume Lucci and Chairman Enrique K. Razon, Jr., BDO Chair Teresita Sy-Coson and Executive Vice President Charles Rodriguez, BPI Senior Vice President and Institutional Banking Head Luis Cruz, and BDO Capital President Eduardo Francisco at the ceremonial signing of the P47-billion financial deal to fund Prime Infra’s acquisition of 60% ownership stake in First Gen’s gas assets in Batangas.

Prime Infrastructure Capital, Inc. (Prime Infra) has sealed a P47-billion financing deal to fund its acquisition of a 60% ownership stake in First Gen Corporation’s (First Gen) gas assets in Batangas.

The omnibus loan and security agreement was signed on November 12. A separate ceremonial signing was later held, attended by Prime Infra Chairman Enrique K. Razon Jr. and President and CEO Guillaume Lucci, along with representatives from the banking partners: BDO Unibank, Inc. and Bank of the Philippine Islands (BPI) as Lenders, and BDO Capital as Mandated Lead Arranger and Bookrunner. Present were BDO Chair Teresita Sy-Coson and Executive Vice President Charles Rodriguez; BDO Capital President Eduardo Francisco; and BPI Senior Vice President and Institutional Banking Head Luis Cruz.

“This partnership with our banking institutions reflects their confidence in Prime Infra’s long-term strategy on energy security. This financing strengthens our position in natural gas and supports our goal of building an integrated energy platform that the country can rely on for decades,” said Lucci. 

The financing deal supports Prime Infra’s acquisition of a 60% controlling stake in the 1,000-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 1,200-MW Santa Maria Power Plant, solidifying its presence in the Philippine natural gas industry and supporting the country’s energy security goals. First Gen maintains a 40% interest in the assets.

Prime Infra now also holds a 60% stake in the offshore liquefied natural gas (LNG) terminal, with First Gen and Japan’s Tokyo Gas owning 20% each.

Also present during the ceremonial signing were Prime Infra Chief Financial Officer Sandy Alipio, Chief Legal Officer Philip Ranada, and Head of Treasury Emma Villa del Rey.

BDO Unibank officials who also attended the ceremony were Senior Vice President Maria Lourdes Donata Gonzales, First Vice President Marirose Fernando, and Senior Manager Niccolo Hamoy. For BDO Capital, other executives present were First Vice Presidents Noemi Villanueva and Karen Lim.

Meanwhile, BPI officials in attendance were Senior Vice President Barbara Ann C. Untalan, Senior Vice President Juan Jesus C. Macapagal, Vice President Ria Gloria B. Elefano, and Assistant Vice President Winnie Lou R. Espiritu.