Philippine Energy Company First Gen Corp. Signed an agreement to acquire a 40% stake in the hydropower portfolio of Prime Infrastructure Capital Inc. (Prime Infra) for 75 billion pesos ($1.3 billion). This is stated in the First Gen press release.
The deal includes stakes in two Prime Infra hydropower projects, including the Wawa power plant in Rizal Province and the Ahunan power plant in Laguna Province near Manila.
The deal is aimed at strengthening ties between the two companies. In 2025, Prime Infra bought a 60% stake in First Gen's gas-fired power plants for 50 billion pesos, acquiring a controlling stake in four existing gas-fired power plants and one planned one, as well as an offshore LNG terminal.
The deal allows Prime Infra to attract gas consumers from the Malampaya field, the country's only offshore natural gas field in which Razon owns a 45% stake. Prime Infra and its partners are investing $893 million to drill additional offshore wells at the Malampaya field in the West Philippine Sea.
Prime Infra's hydropower assets correspond to the hydropower portfolio of First Gen, which is actively increasing its share of renewable energy sources. First Gen owns two hydroelectric power plants with a total capacity of 297 MW and Energy Development, which plans to invest $1.7 billion in upgrading its main geothermal complex.
The Philippines plans to increase the share of renewable energy sources in the energy mix from 25% to 35% by the end of 2030.
First Gen Corp. — A Philippine energy company operating hydroelectric, geothermal, wind and solar power plants. In addition, the company is engaged in the development of natural gas transportation and distribution systems. The headquarters is located in Pasig (Philippines). First Gen is a subsidiary of First Philippine Holdings Corp.
Prime Infrastructure Capital Inc. is a Filipino energy production and solution development company for infrastructure assets. The company is engaged in the development, design, management and operation of critical infrastructure facilities. The headquarters is located in Pasay City (Philippines).
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