Milbank LLP advised Prime Infrastructure Capital, Inc. (Prime Infra) in connection with its acquisition of a 60% equity stake in First Gen Corporation's gas business subsidiaries that own several critical energy assets. The $896 million (PHP50 billion) acquisition strengthens Prime Infra's position as a key infrastructure investor in the country's energy security.
The transaction reached financial close on November 17, 2025. The transaction involved Prime Infra's acquisition of a majority interest in First Gen's 1,000 MW Santa Rita Power Plant, 500 MW San Lorenzo Power Plant, 450 MW San Gabriel Power Plant, 97 MW Avion Power Plant, and proposed 1,200 MW Santa Maria Power Plant. Prime Infra acquired a 60% controlling stake in these power plants, with First Gen retaining a 40% stake. In the Batangas Interim Offshore LNG Terminal, Prime Infra acquired a 60% stake, with First Gen retaining 20% and Tokyo Gas holding the remaining 20%.
Prime Infra is the infrastructure arm of Filipino businessman Enrique K. Razon Jr., committed to providing economically enduring, environmentally-resilient and socially-relevant projects in water, sustainable energy and waste management.
First Gen is a leading independent power producer in the Philippines with 3,668 MW of installed capacity, utilizing clean and indigenous fuels including natural gas, geothermal, hydroelectric, wind and solar power.
"We are pleased to have advised Prime Infra on this strategic acquisition that marks another significant milestone in Prime Infra's journey toward becoming the leading energy infrastructure business in the Philippines," said James Grandolfo, Milbank Global Corporate Finance and Securities partner and Hong Kong office managing partner. "Under Enrique Razon's leadership, Prime Infra is rapidly establishing itself as a major force in the Philippines' energy sector."
"This acquisition complements Prime Infra's development of large-scale energy infrastructure projects, including their 600 MW Wawa and 1,400 MW Pakil pumped storage hydroelectric power projects—both greenfield developments currently underway," added Andrew Whan, Milbank Global Corporate partner. "Together, these gas and renewable energy assets position Prime Infra to support both the country's immediate power needs and its long-term energy transition goals."
The Hong Kong-based Milbank deal team was led by partners James Grandolfo and Andrew Whan and included associates Ari Singzon, Joyce Chin, Julo Lim and Darren Lam.
