Philippine infrastructure developer Prime Infrastructure Capital (PIC) has acquired a 60pc equity stake in energy firm First Gen's gas business for 50bn pesos ($898mn).
PIC will own 60pc of First Gen's 1,000MW Santa Rita power plant, the 500MW San Lorenzo power plant, the 450MW San Gabriel power plant, the97 MW Avion power plant, and the proposed 1,200MW Santa Maria power plant.
The transaction also includes the 162,000m³ BW Batangas floating storage and regasification unit (FSRU) at Batangas port, operated by First Gen's subsidiary FGEN LNG. Japanese gas distributor Tokyo Gas acquired a 20pc share in FGEN LNG in February 2025. First Gen will still own the remaining 20pc of the terminal.
"Our continued presence in LNG underlines our view of its important role in maintaining the country's energy security and at the same time enabling the adoption of more renewable energy," said First Gen's chief executive and chairman Federico Lopez. "This partnership also provides First Gen with more resources to pursue its various [renewable energy] projects."
The utility is the Philippines' largest renewable energy producer and accounts for about 18pc of the country's power supply.
First Gen typically uses LNG imports to help meet fuel demand from its gas-fired generation capacity which totals around 2GW, when supply from the country's Malampaya gas field is insufficient.
The Philippines has received at least 11 spot cargoes since it started importing LNG in April 2023, of which 8 were purchased by First Gen, according to Argus data.
