Prime Infra acquires 60% of First Gen’s gas assets

With the financial close on 17 November 2025, Prime Infra now owns 60% controlling stake of the 1000 MW Santa Rita power plant, the 500 MW San Lorenzo power plant, the 450 MW San Gabriel power plant, the 97 MW Avion power plant, and the proposed 1200 MW Santa Maria power plant. First Gen retains 40% ownership of these gas assets.

Prime Infra also now controls 60% of the offshore LNG terminal, with 20% owned by First Gen, and 20% by Japan’s Tokyo Gas.

Prime Infra President and CEO, Guillaume Lucci, said the strategic partner-ship with First Gen will support energy security and the growth of sustainable energy in the Philippines.

“These gas-fired power plants have played a critical role in supporting the Philippine economy and advancing the decarbonisation of our energy mix. Our goal is to continue growing this platform together with First Gen to accelerate the country’s transition away from a power system that is still coal-dependent,” Lucci said.

Lucci also highlighted the synergy of the gas assets with Prime Infra subsidiary Prime Energy Resources Development B.V., operator of the Malampaya deepwater gas-to-power project, the country’s only indigenous gas field. Together with the Malampaya consortium, Prime Energy is undertaking Phase 4 drilling and exploration to maximise the country’s indigenous gas resources.

“With this transaction, our Prime Infra assets are now fully connected across the energy value chain, from upstream to midstream to downstream,” Lucci said.

First Gen President and Chief Operating Officer, Francis Giles Puno, expressed optimism for the strategic partnership and highlighted its push towards a decarbonised and regenerative future.

“This partnership marks not just a new chapter, but a renewed commitment to the work that powers this nation every day, to grow our gas platform responsibly, to strengthen our country’s energy security, and to help ensure that the Philippines transitions to clean energy,” Puno added.

Lucci and Puno led a joint Prime Infra–First Gen town hall for gas plant employees, outlining the strategic vision for the gas assets and emphasising their commitment to operational excellence and safety.

Also present from the Prime Infra Group were Board Director, Stephen Paradies, Chief Financial Officer, Sandy Alipio, Chief Compliance Officer, Amabelle Asuncion, Chief Administrative Officer, Minerva Matibag; Prime Energy President and CEO, Donnabel Cruz, and Chief Financial Officer, Anna Katrina de Leon; and Prime CoreGen Chief Administrative Officer, Maita Villanueva.

Meanwhile, on the First Gen side, also in attendance were President and COO for Gas, Anthony Julicer Alvis, President and COO for LNG, Vincent Martin Villegas, Executive Vice President and Head of Legal and Regulatory, Victor Emmanuel Santos, EVP and CFO, Emmanuel Singson, Senior Vice President, CFO, and Treasurer for Gas, Denise Mercado, and Vice President and Head of Human Resources, Anna Karina Gerochi.

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/18112025/prime-infra-acquires-60-of-first-gens-gas-assets/