BPI to fund Prime Infra’s acquisition of key natural gas asset

The Bank of the Philippine Islands (BPI) has reinforced its commitment to supporting the country’s energy security and infrastructure development through a major financing partnership with Prime Infrastructure Capital Inc. (Prime Infra) of the Razon Group.

BPI is participating in the Php 47.07 billion financing extended to Prime Infra. This funding will support the acquisition of a 60% stake in First Gen Corporation’s (FGEN) gas-fired power portfolio and LNG terminal in Batangas, key assets in the country’s gas-to-power value chain. First Gen will retain the remaining 40% interest.

The Philippine Competition Commission (PCC) granted its approval for the acquisition in October 2025, paving the way for Prime Infra to strengthen its foothold in the Philippine energy sector. With over 2,000 MW of combined gas-fired generation capacity and one of the country’s major LNG import terminals, the asset portfolio will play a critical role in addressing increasing demand, mitigating supply constraints, and enhancing overall system reliability.

“This partnership reflects BPI’s continued support for projects that reinforce the country’s energy resilience,” said Louie Cruz, BPI Institutional Banking Head. “We value leveraging our expertise in structuring complex, large-scale financing facilities that enable industry players to deliver viable and reliable energy solutions for the nation."

With decades of experience in managing syndicated loans of national significance, BPI remains a trusted financial partner for the Razon Group and other industry leaders undertaking essential infrastructure ventures.

Prime Infra’s acquisition further contributes to the Philippines’ transition toward more dependable energy sources. By financing the acquisition, BPI helps enable power supply stability as the country transitions to its long-term goal of increasing the share of renewables in the energy mix.

“The transaction is a milestone in securing the country’s energy future,” said Prime Infra President and CEO Guillaume Lucci. “With reliable LNG infrastructure and efficient gas-fired facilities, the Philippines can better manage the volatility of energy supply by providing power during the transition towards more renewable energy sources for the grid.”

As the country faces growing power demand, BPI reaffirms its role as a catalyst for ensuring a stable energy supply system to enable long-term economic growth through responsible, forward-looking financing.