September 6, 2024 | 12:00am
MANILA, Philippines — Razon-led Prime Infrastructure Capital Inc. has secured a P5-billion loan from state-run Land Bank of the Philippines to support its expansion in core markets.
The credit facility will be used to partially finance Prime Infra’s working capital requirements and bridge its syndicated term loans for renewable energy, water and bulk water supply and waste management projects.
“This partnership with Landbank is a significant step forward in our commitment to developing sustainable and resilient infrastructure,” Prime Infra president and CEO Guillaume Lucci said.
The latest financing deal also underscored the state-run bank’s pivotal role in advancing sustainable development and supporting projects that align with the country’s environmental and economic targets.
Landbank president and CEO Lynette Ortiz described the loan agreement as a “truly mutually beneficial endeavor,” citing a shared goal of improving the lives of Filipinos and promoting resilient economies.
“Certainly, we’re very supportive of (Prime Infra’s) projects. Sustainability is a key priority and mandate for Landbank, and we’re looking forward to further growing this relationship,” Ortiz added.
A developer of critical infrastructure, Prime Infra invests in projects that help ensure water security, provide energy reliability and offer proper waste management solutions.
Earlier this year, the company further solidified its presence in the water market with the buyout of Ayala Corp.’s remaining stake in East Zone concessionaire Manila Water Co. Inc. for P14.5 billion.
It has also started the impounding process of its Upper Wawa Dam project, which is expected to provide water supply to 3.5 million Filipinos upon completion.
Prime Infra, through wholly owned Prime Solar Solutions Corp., recently activated its two solar power plants with a combined capacity of 128 megawatts in Cavite and Batangas.
In the medium term, the company also plans to develop two pumped storage projects and scale up the industrialization of its waste management business.
Power arm Prime Energy Resources Development, which operates the Malampaya deep water gas-to-power project, is gearing up for its planned drilling program next year to deliver new gas by 2026.
“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,” Lucci said.
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