This partnership with our banking institutions reflects their confidence in Prime Infra’s long-term strategy on energy security.
Guillaume Lucci, Prime Infra president and chief executive
Prime Infrastructure Capital Inc. said Thursday it secured a P47-billion financing package from BDO Unibank Inc. and Bank of the Philippine Islands (BPI) to fund its acquisition of a 60-percent controlling stake in First Gen Corp.’s gas assets in Batangas province.
The funding supports Prime Infra’s acquisition of a 60-percent interest in more than 2,000 megawatts of combined gas-fired generation capacity, including the 1,000-MW Santa Rita Power Plant, the 500-MW San Lorenzo Power Plant, the 450-MW San Gabriel Power Plant, and the 97-MW Avion Power Plant as well as the proposed 1,200-MW Santa Maria Power Plant and the offshore liquefied natural gas (LNG) terminal.
The transaction, approved by the Philippine Competition Commission in October 2025, solidifies Prime Infra’s presence in the Philippines’ natural gas industry, supporting the country’s energy security goals.
“This partnership with our banking institutions reflects their confidence in Prime Infra’s long-term strategy on energy security,” said Guillaume Lucci, Prime Infra president and chief executive.
He said the financing strengthens their position in natural gas and supports their goal of building an integrated energy platform.
First Gen maintains a 40-percent interest in the power plant assets. In the offshore LNG terminal, Prime Infra now holds a 60-percent stake, with First Gen and Japan’s Tokyo Gas each owning 20 percent.
BPI, which participated in the P47.07 billion financing, said the investment aligns with its strategy to back critical infrastructure projects.
“This partnership reflects BPI’s continued support for projects that reinforce the country’s energy resilience,” said Louie Cruz, BPI senior vice president and institutional banking head.
The omnibus loan and security agreement was signed on Nov. 12, with a ceremonial signing held on Nov. 19. Attendees included Prime Infra chairman Enrique Razon Jr. and president and chief executive Guillaume Lucci, BDO chair Teresita Sy-Coson, BDO executive vice president Charles Rodriguez, BDO Capital president Eduardo Francisco and BPI senior vice president and institutional banking head Luis Cruz. BDO Capital served as the mandated lead arranger and bookrunner.
Prime Infra, the infrastructure arm of the Razon Group, focuses on sustainable energy, water and waste management.
