From Yahoo Finance: 2025-06-02 10:56:00

Prime Infra, owned by Enrique K. Razon Jr., will acquire a 60% stake in First Gen’s gas assets for $896.44m. This move will reshape the energy landscape in the Philippines, as First Gen aims to quadruple its renewable energy capacity by 2030. The Lopez family, tied to ABS-CBN, will retain a 40% stake.

The acquisition includes key assets like the Santa Rita Power Plant and a planned Santa Maria Power Plant. Prime Infra commits to a payment of 50bn pesos upon closing the deal, with possible adjustments. This deal aligns with Prime Infra’s focus on sustainability priorities like dependable energy supply and clean water access.

This strategic move by Prime Infra follows a $3.3bn gas and LNG venture by other major players in the Philippine energy sector. First Gen’s divestment will support its renewable energy expansion plans. The Interim Offshore LNG Terminal is also part of the transaction, marking a significant development in the country’s energy industry.



Read more at Yahoo Finance: Prime Infra to buy 60% equity stake in First Gen’s gas business