BDO and BPI Finance ₱47-Billion Loan for Prime Infra’s Acquisition of First Gen Gas Assets

Sy-led BDO Unibank together with Ayala-owned Bank of the Philippine Islands have provided a ₱47-billion financing package to Prime Infrastructure Capital Inc., empowering the Razon-led company to secure control over First Gen Corporation’s gas assets located in Batangas. The loan facility, finalized on November 12 with BDO Capital as the lead arranger, highlights the strong backing these leading banks provide for Prime Infra’s growth ambitions in the natural gas industry.

Enrique K. Razon Jr., chairman of Prime Infra, and Tessie Sy, chairperson of BDO, headlined the ceremonial signing to formalize the agreement. Prime Infra CEO Guillaume Lucci expressed optimism about the collaboration, stating, "This partnership with our banking institutions reflects their confidence in Prime Infra’s long-term strategy on energy security." He further emphasized that the funding would "strengthen our position in natural gas and support our goal of building an integrated energy platform that the country can rely on for decades."

The acquisition covers key stakes in the Santa Rita, San Lorenzo, San Gabriel, and Avion power plants, as well as the upcoming Santa Maria project. It also includes a 60% ownership interest in an offshore liquefied natural gas (LNG) terminal, co-owned with First Gen and Tokyo Gas.

The signing ceremony was also attended by key executives including Eduardo Francisco, president of BDO Capital; Charles Rodriguez, BDO executive vice president; Luis Cruz, BPI senior vice president and Institutional Banking Head; Sandy Alipio, CFO of Prime Infra; Philip Ranada, chief legal officer; and Emma Villa del Rey, Head of Treasury.

This transaction represents one of the largest energy sector financings this year and strategically positions Prime Infrastructure as a leading figure in the Philippines' natural gas market. The move is timely as the nation prepares to address the eventual depletion of the Malampaya gas field, reinforcing the importance of expanding domestic energy resources.