In a landmark move for the Philippine energy sector, BDO Unibank, Inc. has provided the cornerstone financing for a massive acquisition that reshapes the country's natural gas landscape. The bank anchored a ₱50-billion loan facility, enabling Prime Infrastructure Capital Inc. (Prime Infra) to secure a 60% controlling stake in the gas assets of First Gen Corporation (FGen).
A Strategic Move for Energy Security
This transaction, finalized and announced on January 19, 2026, represents one of the most significant energy deals in the Philippines in recent years. The acquisition includes the offshore LNG terminal, which is now a key part of Prime Infra's expanding portfolio. The deal directly supports the nation's long-term objectives of ensuring a more affordable, reliable, and cleaner power supply for its growing economy.
BDO's involvement was comprehensive. The bank financed 60% of the total loan facility under a 10-year term. BDO Capital & Investment Corporation acted as the Mandated Lead Arranger, while the BDO Trust Investments Group served as the Facility Agent and Collateral Trustee. This multi-faceted role underscores the bank's full commitment to supporting high-impact, transformational infrastructure projects.
Leadership Perspectives on a Transformative Deal
Prime Infra's President and CEO, Guillaume Lucci, emphasized the strategic importance of the investment. "BDO’s role in Prime Infra’s investment supports our broader push to scale the country’s natural gas infrastructure," Lucci stated. He highlighted that such investments are essential for strengthening national energy security and supporting the Philippines' transition toward a cleaner and more reliable power system.
Echoing this sentiment, Ed V. Francisco, President of BDO Capital, framed the deal as a testament to the bank's mission. "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.
Expanding the Gas Value Chain and Clean Energy Goals
Prime Infra has described the acquisition as a pivotal step in expanding the Philippines' entire natural gas value chain. The partnership with First Gen is expected to deliver greater value to consumers and significantly strengthen the domestic gas sector's foundation.
A central component of this deal is the Clean Energy Complex in Batangas. This facility contributes over 2,000 megawatts of generation capacity to the national grid. Its role is crucial in helping the country meet its ambitious renewable energy targets: a 35% renewable energy mix by 2030 and 50% by 2040, as outlined in the government's Philippine Energy Plan 2023-2050. Natural gas is seen as a vital transitional fuel that supports grid stability while integrating more variable renewable sources like solar and wind.
This major financial undertaking by BDO and Prime Infra marks a concrete step toward a more sustainable and energy-secure future for the Philippines, aligning corporate strategy with critical national development goals.
