First Gen Sells Majority Stake in Gas Business to Prime Infra for P50 Billion
First Gen Corp. has finalized a P50 billion deal with Prime Infra, transferring a 60% stake in its gas business. This strategic move aims to ensure operational stability while navigating challenges posed by ongoing family disputes.
Theia Market Signal Identification - AI AssistedFirst Gen Corp. has transferred a 60% stake in its gas business to Prime Infra, finalizing a P50 billion deal in November 2025. This includes four gas-fired facilities with a combined capacity exceeding 2,000 MW and the planned 1,200-MW Santa Maria gas plant in Batangas.
First Gen retains 40% ownership to maintain operational continuity. The transaction also covers a 60% interest in an offshore LNG terminal, reducing First Gen's stake to 20%. Despite family disputes surrounding the deal's implications, First Gen's leadership views the collaboration as beneficial for gas supply stability. The partnership is positioned to support the transition from coal to renewable energy, with natural gas serving as a critical mid-merit resource.
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