First Gen Corp. said Friday it received an approval from the Philippine Competition Commission (PCC) for the sale of a 60-percent equity stake in its gas business subsidiaries to Prime Infrastructure Capital Inc., the company of billionaire Enrique Razon Jr., for P50 billion.
The energy company informed the Philippine Stock Exchange that the PCC has “rendered a decision clearing the proposed transaction.”
First Gen and Prime Infra are continuing to work towards satisfying all other conditions precedent to the transaction.
First Gen announced the agreement to sell the stake in its gas business subsidiaries to Prime Infra in July 2025. The assets included in the deal 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.
First Gen, a leading independent power producer in the Philippines, will retain a 40-percent stake in these projects.
This is intended to ensure “continuity and stability of its gas operating plants,” which the company said would benefit consumers through “more stable, predictable and lower prices.”
The partnership aims to “further nurture, enhance and expand their natural gas platforms to serve as a key solution provider to the country’s program to address energy security,” First Gen said.
First Gen has a total installed capacity of 3,668 MW, accounting for about 18 percent of the country’s gross generation.
Prime Infra focuses on environmentally resilient and socially relevant infrastructure projects and its assets include water utility Manila Water Company Inc.
