November 21, 2025 | 12:00am
MANILA, Philippines — Ayala-led Bank of the Philippine Islands (BPI) has strengthened its support for the country’s energy security agenda through a significant role in the P47.07-billion financing package for Prime Infrastructure Capital Inc. to bankroll the acquisition of major gas assets in Batangas.
The funding facility will support Prime Infra’s purchase of a 60-percent stake in First Gen Corp.’s gas-fired power portfolio and its liquefied natural gas (LNG) terminal, which form a core part of the Philippines’ gas-to-power value chain. First Gen will retain the remaining 40-percent interest.
The Philippine Competition Commission cleared the transaction in October, enabling Prime Infra to expand its presence in the domestic energy market.
The acquisition covers more than 2,000 megawatts of combined gas-fired generation capacity along with one of the country’s principal LNG import terminals. These assets are seen as vital to managing rising demand, easing supply constraints and improving overall system reliability.
“This partnership reflects BPI’s continued support for projects that reinforce the country’s energy resilience,” BPI institutional banking head Louie Cruz said. “We value leveraging our expertise in structuring complex, large-scale financing facilities that enable industry players to deliver viable and reliable energy solutions for the nation.”
BPI, one of the country’s largest lenders and a long-time financial partner of the Razon Group, has decades of experience in arranging syndicated loans for infrastructure projects of national importance.
The listed bank said its involvement in the deal aligns with its mandate to back investments that contribute to long-term economic stability.
Prime Infra president and CEO Guillaume Lucci described the acquisition as a strategic step toward ensuring dependable power supply during the country’s transition to cleaner sources.