First Gen Corporation has entered into a strategic partnership with Prime Infrastructure Capital, Inc. (Prime Infra), with the latter acquiring a 60% equity stake in First Gen’s natural gas business for PHP 50 billion, subject to closing adjustments.

The deal includes major energy assets in Batangas City: the Santa Rita, San Lorenzo, San Gabriel, and Avion power plants, the proposed Santa Maria Power Plant, and the Interim Offshore LNG Terminal.

This partnership marks a significant move toward strengthening the country’s energy security and transition to renewables. First Gen Chairman and CEO Federico Lopez emphasized the role of natural gas in bridging to a low-carbon future, adding that the collaboration with Prime Infra will enhance their renewable energy development capabilities.

Post-transaction, Prime Infra will own 60% of the Batangas gas plants and LNG terminal, while First Gen retains 40% in the plants and 20% in the terminal. Tokyo Gas holds the remaining 20% in the LNG facility. Both parties expressed their commitment to working with the government to support the Philippines’ energy independence and sustainability goals.