Latest news with #powerPlants
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.
Bloomberg
16-05-2025
- Business
- Bloomberg
Vistra Makes AI Power Bet With $1.9 Billion Gas Deal
Vistra Corp. agreed to buy seven natural gas-fired power plants for $1.9 billion, the latest big US generator betting on the fossil fuel to feed the voracious appetite of artificial intelligence. The acquisition follows NRG Energy Inc. 's announcement Monday that it agreed to pay $12 billion, including debt, for a fleet of gas-fired plants from LS Power Equity Advisors LLC. In January, Constellation Energy Group Inc. said it would spend $16.4 billion for closely-held Calpine Corp., another large US operator of gas-fired plants.
Wall Street Journal
12-05-2025
- Business
- Wall Street Journal
NRG Energy to Acquire LS Power Portfolio in $12 Billion Deal
NRG Energy NRG -0.84%decrease; red down pointing triangle has agreed to acquire LS Power's portfolio of natural gas generation facilities and power plant platform in a cash-and-stock deal with an enterprise value of about $12 billion. The power company said Monday that the acquisition gives it 18 more natural gas-fired facilities located across nine states, doubling its generation capacity and expanding its footprint.
