Philippines’ First Gen to Buy Into Hydropower Business for $1.3 Billion

First Gen Corp. will buy a 40% stake in Prime Infrastructure Capital Inc.’s hydropower portfolio in a deal worth 75 billion pesos ($1.3 billion), the Philippine companies said in a statement late Friday.

The transaction, which is subject to regulatory approval, covers Prime Infra’s 600-megawatt project in Rizal province and a 1,400-megawatt facility in Laguna province, just outside Manila. Both are pumped storage hydropower projects.