The deal, which was recently approved by the Philippine Competition Commission, moves Razon’s Prime Infrastructure Capital Inc. closer to sealing control of key Batangas power plants that collectively supply a large share of Luzon’s electricity.
The PCC approval, which involves the 60-percent purchase of the Lopez group’s gas assets, was disclosed by First Gen on Friday.
Once completed, the takeover will further cement Razon’s status as the country’s new power kingpin, adding to his control of Manila Water and the Malampaya gas field.
Mega power deal
The transaction covers First Gen’s 1,000-Megawatt (MW), Santa Rita, 500-MW San Lorenzo, 450-MW San Gabriel, 97-MW Avion, and proposed 1,200-MW Santa Maria plants, along with its Interim Offshore LNG Terminal.
The deal is transformative for Prime Infra, which is expanding into renewable energy, waste management, and bulk water infrastructure as part of its broader push to build a vertically integrated utilities empire.
Prime Infrastructure, once a strong initial public offering candidate with a planned P33-billion listing in 2023, postponed its debut due to volatile stock market conditions.
Razon also owns global cargo ports operator International Container Terminal Services and casino-hotel group Bloomberry Resorts Corp.
—Edited by Miguel R. Camus
