First Gen’s vice president and chief customer engagement officer Carlo Vega said the target still stands but the company would likely “revisit how 13 GW would be” following the partnership with Prime Infrastructure.
First Gen’s chief customer engagement officer Carlo Vega said the company would likely “revisit how 13 GW would be” following the partnership with Prime Infrastructure.
The company announced the share purchase agreement, which follows a term sheet signed on May 30, 2025. The transaction is subject to approval from the Philippine Competition Commission and other conditions.
The deal will establish a strategic partnership, with Prime Infrastructure indirectly owning a 60-percent stake in several gas assets.
Vega said First Gen would focus on expanding its geothermal portfolio using the P50 billion in proceeds from the sale.
The assets included in the sale are the 1,000-megawatt (MW) Santa Rita, 500-MW San Lorenzo, 450-MW San Gabriel and 97-MW Avion power plants, as well as the proposed 1,200-MW Santa Maria power plant and the interim offshore liquefied natural gas terminal.
“What we plan to do is make sure that we make the most out of the proceeds from the gas sale and put it in geothermal where, you know, it’s our 24×7 renewable energy source,” Vega said.
“So we’re looking to beef that up significantly along with the other technologies, but I guess as a priority, we’re looking at focusing on our geothermal portfolio,” he said.
Vega said that before the sale, the company’s power generation portfolio was “a little over 50-percent gas, and then the rest was renewable energy.”
Vega said First Gen would retain a 40-percent stake in the gas business. “We believe that as a country, we cannot push to grow our renewable energy without growing the gas because gas will be the best transition fuel,” he said.
“Gas will still provide the best flexibility, and in terms of scale, while batteries are also something that we’re looking at,” he said.
He noted that the company teamed up with Prime Infrastructure because of the “good synergies” they see with the group.
