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Keisha Ta-Asan - The Philippine Star
January 10, 2026 | 12:00am
The acquisition, which was completed in November 2025, is seen as a major boost to the country’s push for energy security and a cleaner power mix, as natural gas continues to play a key role in the transition away from coal.
STAR / File
MANILA, Philippines — Sy-led BDO Unibank Inc. has anchored a P50-billion financing package that enabled Prime Infrastructure Capital Inc. to acquire a 60-percent controlling stake in the gas assets of First Gen Corp., in one of the Philippines’ biggest energy sector deals in recent years.
The acquisition, which was completed in November 2025, is seen as a major boost to the country’s push for energy security and a cleaner power mix, as natural gas continues to play a key role in the transition away from coal.
In a statement, BDO said it financed 60 percent of the total loan facility under a 10-year term. BDO Capital & Investment Corp. served as the mandated lead arranger, while BDO Trust Investments Group acted as facility agent and collateral trustee.
The bank said the deal underscores its support for high-impact and transformational projects that contribute to long-term national development.
“BDO’s role in Prime Infra’s investment supports our broader push to scale the country’s natural gas infrastructure,” Prime Infra president and CEO Guillaume Lucci said.
“These investments are essential in strengthening energy security and supporting the Philippines’ transition to a cleaner and more reliable power system.”
Prime Infra described the acquisition as a pivotal step in expanding the country’s natural gas value chain, noting that its partnership with First Gen aims to deliver greater value to consumers while strengthening the gas sector.
BDO Capital president Ed Francisco said the transaction reflects the bank’s commitment to financing critical infrastructure.
“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.
The gas assets covered by the transaction form part of the Clean Energy Complex in Batangas, which contributes over 2,000 megawatts of generation capacity to the Luzon grid.
The complex plays a key role in supporting the government’s targets under the Philippine Energy Plan 2023 to 2050, which seeks to raise the share of renewable energy in the power mix to 35 percent by 2030 and 50 percent by 2040.
BDO said the financing aligns with its broader strategy of supporting investments that promote sustainable growth while ensuring reliable and affordable energy supply for the country.
