First Gen Corporation, based in Manila, Philippines, has finalized a ₱50 billion deal with Prime Infrastructure Capital Inc., selling a 60% stake in its gas-fired power facilities. This acquisition includes significant assets such as the 1,000-megawatt Santa Rita Power Plant and the 500 MW San Lorenzo Power Plant. First Gen retains a 40% stake in these facilities. The move is intended to enhance the plants' access to fuel supply, particularly from the Malampaya gas field, which is operated by Prime Infrastructure. First Gen's president, Francis Giles Puno, emphasized that this partnership will allow for a mix of gas sources, making energy production more cost-effective compared to alternatives relying solely on liquefied natural gas (LNG). Jose Victor Emmanuel de Dios, president and CEO of Prime CoreGen, highlighted the importance of gas in the Philippines' energy transition, noting that it plays a crucial role in bridging the gap between diminishing coal-fired generation and increasing renewable energy sources. The Department of Energy is also planning a mid-merit auction to ensure a stable energy supply moving forward.