Filipino businessman Enrique K. Razon Jr. speaks during an interview.
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Prime Infra, the infrastructure business arm of Filipino businessman Enrique K.RazonJr., isbuying60%of thegasassetsofFirstGen Corpfor 50 billion pesos ($896.44million), the Philippine energy firm said on Monday.
The parties have signed a term sheet, which shows another upcoming facility located in Batangasprovince, south of Manila,FirstGen said in a statement.
FirstGen is backed by the influential Lopez family, who will retain a 40%stakein thegasbusiness 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 billiongasand LNG joint venture unveiled by San Miguel Corp with Aboitiz Powerand a unit of Manila Electric Co.
Thestakesale will helpFirstGen go ahead with its plans to quadruple its renewable energy capacity in six years through 2030.
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