BDO backs Prime Infra gas play with P30B
BDO Unibank, Inc. remains a major funding partner of the power sector, with its latest backing enabling the Razon Group to push for the P50-billion takeover of natural gas assets in Batangas.
The lender on Friday said it had extended 60 percent of the total loan facility, or about P30 billion, under a 10-year term.
Last November, Prime Infrastructure Capital, Inc. secured a P47-billion loan deal from BDO and the Ayala group’s Bank of the Philippine Islands (BPI) to purchase First Gen Corp.’s gas assets.
For its part, the Sy family-led bank said BDO Capital & Investment Corp. had served as mandated lead arranger. BDO Trust Investments Group had acted as facility agent and collateral trustee.
BDO dubbed the acquisition as “one of the country’s most significant energy sector deals in recent years.”
Prime Infra’s deal with the Lopez-led group allowed the former to get a 60-percent controlling interest in six facilities.
These include the 1,000-megawatt (MW) Santa Rita Power Plant, 500-MW San Lorenzo Power Plant and 450-MW San Gabriel Power Plant. There are also the 97-MW Avion Power Plant, the proposed 1,200-MW Santa Maria Power Plant and the interim offshore liquefied natural gas terminal.
“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,” Ed Francisco, president of BDO Capital, said in a statement.
“BDO’s role in Prime Infra’s investment supports our broader push to scale the country’s natural gas infrastructure. These investments are essential in strengthening energy security and supporting the Philippines’ transition to a cleaner and more reliable power system,” added Prime Infra president and CEO Guillaume Lucci.
Early last year, BDO also lent P10 billion to First Gen as it took over the 165-MW Casecnan Hydroelectric Power Plant facility in Nueva Ecija.
The bank’s lending operations expanded in the first nine months of 2025, reaching P3.5 trillion. This enabled the firm to book a 4-percent improvement in its earnings, which grew to P63.1 billion.
