Prime Infrastructure Capital Inc. (Prime Infra) has secured a P47-billion financing package to acquire a 60-percent stake in First Gen Corp.’s gas assets in Batangas.

The Razon-led firm on Thursday confirmed signing an omnibus loan and security agreement for the financing deal last 12 November. 

The deal was signed by Prime Infra chairman Enrique K. Razon Jr., president and CEO Guillaume Lucci, and top bankers from BDO Unibank, Inc. and Bank of the Philippine Islands (BPI). 

BDO Capital

BDO Capital served as Mandated lead arranger and bookrunner, with BDO chair Teresita Sy-Coson, EVP Charles Rodriguez, BDO Capital president Eduardo Francisco, and BPI senior VP Luis Cruz in attendance during the ceremony.

“This partnership with our banking institutions reflects their confidence in Prime Infra’s long-term strategy on energy security. This financing strengthens our position in natural gas and supports our goal of building an integrated energy platform that the country can rely on for decades,” Lucci said.

Power assets portfolio

The acquisition covers a portfolio of power assets including the 1,000-megawatt (MW) Santa Rita Power Plant, the 500-MW San Lorenzo Power Plant, the 450-MW San Gabriel Power Plant, the 97-MW Avion Power Plant and the proposed 1,200-ME Santa Maria Power Plant.