Razon’s Prime Infra Acquires 60% of Lopez-Led First Gen Gas Business for ₱50 Billion

Billionaire Enrique Razon-led Prime Infrastructure Capital Inc. is acquiring a 60-percent stake in the Lopez family–led First Gen Corp.'s gas business for approximately ₱50 billion. This landmark deal includes First Gen's four existing gas-fired power plants totaling over 2,000 megawatts, the proposed 1,200-MW Santa Maria facility, and an interim offshore liquefied natural gas terminal in Batangas. First Gen will retain a 40-percent stake to ensure operational continuity and stability, aiming to benefit consumers with more predictable and lower prices. The partnership strengthens the foothold of two major Filipino business empires in the natural gas sector, a critical element for the country’s energy security and transition to cleaner energy. The deal follows Razon's earlier acquisition of a stake in the Malampaya deepwater gas project, which supplies a significant portion of Luzon's energy needs. The collaboration is expected to enhance and expand natural gas infrastructure to support the Philippines' energy independence and sustainability goals.