BDO backs Prime Infra’s acquisition of First Gen gas assets

BDO Unibank Inc. anchored a P50-billion financing package that enabled Prime Infrastructure Capital Inc. to acquire a 60 percent controlling stake in the natural gas assets of First Gen Corporation, marking one of the country’s largest energy sector transactions in recent years.

BDO financed 60 percent of the total loan facility under a 10-year term. BDO Capital & Investment Corporation served as mandated lead arranger, while BDO Trust Investments Group acted as facility agent and collateral trustee.

“BDO’s role in Prime Infra’s investment supports our broader push to scale the country’s natural gas infrastructure. These investments are essential in strengthening energy security and supporting the Philippines’ transition to a cleaner and more reliable power system,” said Prime Infra President and Chief Executive Officer Guillaume Lucci.

BDO Capital President Ed V. Francisco said the transaction underscores the bank’s role in financing major infrastructure projects that support national development.

“This landmark deal highlights BDO’s commitment to providing strategic financing solutions for critical infrastructure—projects that power national development and shape the Philippines’ evolving energy landscape,” Francisco said.

Prime Infra said the acquisition is a key step in expanding the country’s natural gas value chain. Its partnership with First Gen is expected to help deliver more stable and affordable power while strengthening the Philippines’ gas sector.

The gas assets are part of the Clean Energy Complex in Batangas, which contributes more than 2,000 megawatts of generation capacity. The complex supports the government’s targets under the Philippine Energy Plan 2023–2050 to reach a 35 percent renewable energy share by 2030 and 50 percent by 2040.