Prime Infrastructure Capital Inc. led by businessman Enrique Razon Jr. signed a P5-billion loan agreement with Land Bank of the Philippines to partially fund the development of its water, sustainable energy and waste management infrastructure projects.
Prime Infra said in a statement the loan is intended to partially finance its working capital requirements and for bridging of syndicated term loans for projects in sustainable and renewable energy, water and bulk water supply, and waste management and sustainable fuels—the company’s three core markets.
“This partnership with LandBank is a significant step forward in our commitment to developing sustainable and resilient infrastructure. It will enable Prime Infra to further accelerate the progress of our projects in sustainable energy, water supply, and waste management,” said Prime Infra president and chief executive Guillaume Lucci.
“We are grateful for the trust as Prime Infra continues to build better lives and resilient economies through critical infrastructure,” he said.
LandBank president and chief executive Lynette Ortiz said the bank forged a new partnership with a recognized leader in building critical and socially relevant infrastructure.
“Our common goal of enhancing lives and fostering resilient economies makes this loan facility a truly mutually beneficial endeavor,” Ortiz said.
“Sustainability is a key priority and [a] mandate for LandBank, and we’re looking forward to further growing this relationship,” she said.
Prime Infra’s projects are focused on helping ensure water security, providing dependable energy, and implementing proper waste management solutions.
The company achieved significant milestones this year such as strengthening its position in the water market through east zone concessionaire Manila Water Company Inc., the start of the impounding process of its Upper Wawa Dam project that will provide water supply benefiting 3.5 million Filipinos, the inauguration of its first solar power plants that will supply up to 128 megawatts of renewable energy and the inauguration of the Philippines’ first automated materials recovery facilities in Cebu and Pampanga.
Prime Infra said that in the medium term, it would focus on completing the Upper Wawa Dam to start commercial operations, developing two pumped storage projects tagged by the Department of Energy as energy projects of national significance, drilling wells to continue indigenous gas production through subsidiary Prime Energy and scaling up the industrialization of its waste management business.
“We take pride that our diverse portfolio of projects not only positions us as a key infrastructure player but also helps contribute to the country’s economic growth and in fostering a more sustainable future,” said Lucci.
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