First Gen Corp.

Prime Infrastructure Capital Inc. reached financial close on a P50 billion transaction to acquire a 60% controlling stake in First Gen Corp.'s gas assets in Batangas City, including four power plants and a proposed plant, as well as a 60% stake in an offshore LNG terminal.

Prime Infrastructure Capital Inc. has finalized a deal to acquire a 60% stake in First Gen Corp.'s Batangas-based natural gas businesses, including the Santa Rita, San Lorenzo, San Gabriel, and Avion power plants, as well as a majority interest in the proposed Santa Maria power plant and the Interim Offshore LNG Terminal. The transaction is valued at P50 billion.

Prime Infrastructure Capital agreed to acquire a 60% equity stake in Lopez-led First Gen Corp.'s gas business for P50 billion. The deal includes four operating power plants and a proposed 1,200-MW plant.