Latest news with #PrimeInfra
Yahoo
a day ago
- Business
- Yahoo
Prime Infra to buy 60% equity stake in First Gen's gas business
Prime Infra, the infrastructure arm of Filipino tycoon Enrique K. Razon Jr., has signed an agreement to acquire a 60% stake in the gas assets of First Gen for $896.44m (49.87bn pesos). The strategic move is set to reshape the energy landscape in the Philippines. First Gen, a company with strong ties to the influential Lopez family, was incorporated in December 1998 as a subsidiary of First Philippine Holdings Corporation (FPH). The Lopez family, which also controls ABS-CBN, the nation's largest broadcaster, will retain a 40% holding in the gas assets. The acquisition is a key development in the Philippine energy sector, following a $3.3bn gas and liquefied natural gas (LNG) joint venture announced by San Miguel, Aboitiz Power and a subsidiary of Manila Electric Co. First Gen's divestment is aimed at supporting its ambition to quadruple its renewable energy capacity by 2030. Upon finalisation of the deal, Prime Infra will take ownership of several key assets including the 1GW Santa Rita Power Plant, the 500MW San Lorenzo Power Plant, the 450MW San Gabriel Power Plant, the 97MW Avion Power Plant and the planned 1.2GW Santa Maria Power Plant. The Interim Offshore LNG Terminal is also part of the transaction. In exchange for the shares in First Gen, Prime Infra has committed to a payment of 50bn pesos upon the closing of the deal, with potential adjustments and modifications to be mutually agreed upon by the involved parties. Prime Infra is focused on building and operating assets that support the most urgent sustainability priorities including dependable energy supply, access to clean water and modern waste management. "Prime Infra to buy 60% equity stake in First Gen's gas business" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNBC
2 days ago
- Business
- CNBC
Billionaire Razon to buy 60% stake in First Gen's gas assets for $896 million
Prime Infra, the infrastructure business arm of Filipino businessman Enrique K. Razon Jr., is buying 60% of the gas assets of First Gen Corp for 50 billion pesos ($896.44 million), the Philippine energy firm said on Monday. The parties have signed a term sheet, which shows another upcoming facility located in Batangas province, south of Manila, First Gen said in a statement. First Gen is backed by the influential Lopez family, who will retain a 40% stake in the gas business the company is selling. The Lopez family is also the controlling shareholder of ABS-CBN, the country's largest broadcaster. The deal marks the latest in the Philippine energy sector, following a $3.3 billion gas and LNG joint venture unveiled by San Miguel Corp with Aboitiz Power and a unit of Manila Electric Co. The stake sale will help First Gen go ahead with its plans to quadruple its renewable energy capacity in six years through 2030.
Forbes
3 days ago
- Business
- Forbes
Billionaire Enrique Razon To Buy 60% Stake In Lopez Group's Gas Assets For $896 Million
Prime Infrastructure—controlled by casino-to-ports billionaire Enrique Razon Jr.—has agreed to buy 60% of the gas assets of the Lopez family-backed First Gen for 50 billion pesos ($896 million). Under a term sheet entered into by both parties and subject to a definitive agreement, Prime Infra will buy the controlling stake in five existing gas-fired power plants and a sixth facility under construction with a combined capacity 3,247 megawatts, along with an offshore liquefied natural gas terminal, according to a document furnished to Forbes Asia. The assets are all located in Batangas province, south of Manila. The partnership will enable First Gen and Prime Infra to 'further nurture, enhance and expand their natural gas platforms,' helping to secure the country's energy independence, according to the document. The gas plants will boost the profile of Prime Infra, which owns a substantial stake in the Malampaya gas field. The company is investing $800 million on drilling and exploration to boost the output of Malampaya, which has been dwindling in recent years. Prime Infra's power assets include two existing solar farms with a combined capacity of 128MW and two hydroelectric plants, which will have a combined capacity of 2,000MW once completed. For First Gen, the partial sale will help bankroll the $9 billion it plans to invest to quadruple its renewable energy capacity to 13 gigawatts in the six years through 2030. First Gen derives 55% of its capacity from gas while the rest comes from wind, solar, hydro and geothermal. After spending about $1.2 billion in 2024, that included the purchase of the 165 MW Casecnan hydro power facility in Nueva Ecija, north of Manila, it has earmarked another $601 million in capital expenditures this year, with as much as 90% allocated for 140MW of geothermal capacity, while the rest will be spent on a 50MW solar project. The Razon-Lopez deal is the latest strategic partnership to shake up the Philippine energy sector following a $3.3 billion gas and LNG joint venture announced by billionaire Ramon Ang's San Miguel Corp. with Aboitiz Power and a unit the Manila Electric Co. With a real-time net worth of $12 billion, Razon also has interests in global port operator ICTSI and Bloomberry, which owns two casino resorts in Metro Manila. In 2022, he planned to list Prime Infra, which also provides water utility and waste management services, but decided to postpone the IPO due to unfavorable market conditions. Besides their interest in energy, the Lopez family, which has a net worth of $230 million, is also the controlling shareholder of ABS-CBN, once the country's largest broadcaster. It pivoted to online streaming and content sharing with other networks after Philippine lawmakers in 2020 rejected the media company's bid to renew its franchise.
