PRIME Infrastructure Capital Inc. (Prime Infra) said Thursday that it had signed a P5-billion loan agreement with Land Bank of the Philippines (LandBank) to partially fund the development of its core businesses.
The Enrique Razon-led company said the loan would be used for working capital requirements and bridging the syndicated term loans of projects in sustainable and renewable energy, water and bulk water supply, and waste management and sustainable fuels.
“This partnership with LandBank is a significant step forward in our commitment to developing sustainable and resilient infrastructure. It will enable us to further accelerate the progress of our projects in our segments,” Prime Infra President and CEO Guillaume Lucci said.
“We are grateful for LandBank’s trust as we continue to build better lives and resilient economies through critical infrastructure,” he added.
LandBank President and CEO Lynette Ortiz said the state-owned bank was excited to embark on the partnership with Prime Infra.
“Our common goal of enhancing lives and fostering resilient economies makes this loan facility a truly mutually beneficial endeavor, as sustainability is a key priority and a mandate for us. We’re looking forward to further growing this relationship,” she added.
Prime Infra’s projects are focused on helping ensure water security, provide dependable energy, and implement proper waste management solutions.
The company reported that for this year, it achieved significant milestones such as strengthening its position in the water market through Manila Water Co. Inc.
It also started the impounding process of its Upper Wawa Dam project, inaugurated its first solar power plants that will supply up to 128 megawatts of renewable energy, and launched its first automated materials recovery facilities in Cebu and Pampanga.
For the medium term, Prime Infra said it would focus on completing the Upper Wawa Dam, continue the development of two pumped storage hydroelectric projects, continue the drilling of wells for indigenous gas production through subsidiary Prime Energy, and scale up the industrialization of its waste management business.
“With these plans, we take pride that our diverse portfolio 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,” Lucci said.
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