THE Ayala-led Bank of the Philippine Islands (BPI) is extending P47.07 billion to Prime Infrastructure Capital Inc. (Prime Infra) of the Razon Group to acquire a stake in First Gen Corporation’s (FGEN) natural gas-fired power plants and liquefied natural gas (LNG) terminal in Batangas.
A statement issued by the lender last Thursday read that the loan will fund Prime Infra’s acquisition of a 60 percent stake in the gas-fired power portfolio and LNG terminal in Batangas of First Gen Corp. (FGEN).
The transaction forms part of a broader deal valued at around P50 billion, covering Prime Infra’s entry into some of the country’s most critical gas assets
The Philippine Competition Commission cleared the deal in October 2025, allowing Prime Infra to move forward with the acquisition.
FGEN will retain the remaining 40 percent share in the assets, which include more than 2,000 megawatts of gas-fired generation capacity and one of the country’s main LNG import terminals.
BPI said Prime Infra’s acquisition further contributes to the country’s transition to more dependable energy sources.
‘By financing the acquisition, BPI helps enable power supply stability as the country transitions to its long-term goal of increasing the share of renewables in the energy mix,’ the lender said.
BPI Institutional Banking Head Louie Cruz said the bank’s participation reflects its support for projects that enhance the country’s energy security.
‘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,’ Cruz said.
‘The transaction is a milestone in securing the country’s energy future,’ said Prime Infra President and Chief Executive Officer Guillaume Lucci.
‘With reliable LNG infrastructure and efficient gas-fired facilities, the Philippines can better manage the volatility of energy supply by providing power during the transition towards more renewable energy sources for the grid,’ Lucci added.
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.
FGEN is the listed power generation company of the Lopez Group, and operates the country’s largest portfolio of renewable energy, which includes geothermal, hydro, wind and solar power.