Prime Infrastructure Capital Inc. of billionaire and port tycoon Enrique Razon Jr. will further ramp up its energy game as the Philippines’ competition watchdog cleared its P50-billion acquisition of First Gen Corp.’s natural gas assets.
In a disclosure Friday, the Lopez-led firm said that the Philippine Competition Commission (PCC) has cleared the proposed deal.
‘First Gen and Prime Infra continue to work towards satisfaction of all other conditions precedent,’ it said.
Last May, both parties executed a term sheet with Prime Infra getting a 60 percent stake in the following facilities:
* 1,000-megawatt (MW) Santa Rita power plant;
* 500-MW San Lorenzo power plant;
* 450-MW San Gabriel power plant;
* 97-MW Avion power plant;
* the proposed 1,200-MW Santa Maria power plant; and
* Interim offshore liquefied natural gas terminal.
First Gen, meanwhile, will keep the remaining 40 percent.