The transaction gives the Razon group a 60 percent stake in the Santa Rita, San Lorenzo, San Gabriel, and Avion gas plants, as well as the planned 1,200-MW Santa Maria facility.
It also hands Prime Infra controlling interest in the offshore LNG terminal in Batangas, positioning the company at the center of the Philippines’ shift to imported natural gas.
Razon management’s view
Prime Infra president Guillaume Lucci said the partnership strengthens energy security at a time when the country remains dependent on coal.
“These gas-fired power plants have played a critical role in supporting the Philippine economy and advancing the decarbonization of our energy mix. Our goal is to continue growing this platform together with First Gen to accelerate the country’s transition away from a power system that is still coal-dependent,” Lucci said.
The deal also links the gas plants to Prime Energy, operator of the Malampaya gas field, giving the Razon group an integrated chain from production to terminals to power generation.
“With this transaction, our Prime Infra assets are now fully connected across the energy value chain, from upstream to midstream to downstream,” Lucci said.
Partnership with Lopez Group
First Gen president Giles Puno said the alliance creates a stronger platform for cleaner and more reliable energy.
“This partnership marks not just a new chapter, but a renewed commitment to the work that powers this nation every day, to grow our gas platform responsibly, to strengthen our country’s energy security, and to help ensure that the Philippines transitions to clean energy,” Puno said.
The infrastructure arm of the Razon Group, Prime Infra operates critical assets across sustainable energy, water, and waste management—including Manila Water, the Malampaya gas-to-power operator Prime Energy, and waste-to-value firm Prime Waste Solutions.
—Edited by Miguel R. Camus
