Razon firm signs P1.35-B loan deal to expand waste processing capacity
MANILA -Billionaire Enrique Razon Jr.’s Prime Infrastructure Capital is beefing up its sustainable waste management infrastructure portfolio with a P1.35-billion “green” loan deal arranged by HSBC Philippines.
The bank said in a statement the loan to Prime Integrated Waste Solutions Inc. (PWS), a subsidiary of the energy and infrastructure conglomerate, will be used to support the expansion of its Cebu-based ARN Central Waste Management, a facility specializing in waste management and materials recovery.
This will help the facility double processing capacity to 2,000 tons of municipal solid waste daily.
“[P]rime Infra established PWS to answer the increasing demand for waste management solutions especially in industrialized and fast-growing cities,” Prime Infra president and CEO Guillaume Lucci said in the statement.
“PWS’ business model covers the full value chain once the waste is delivered to our facility from treatment, disposal, resource recovery, to conversion,” he added.
Prime Infrastructure’s 17-hectare site currently processes about 1,000 tons of municipal solid waste daily. This also significantly cuts the amount of trash deposited to landfills while producing refuse-derived fuel.
“In the Philippines and around the world, we stand ready to support our clients on their transition journeys,” HSBC Philippines head of wholesale banking Mimi Concha said in the statement.
“This is one of the notable ‘green’ loans that the bank has extended in the country and by supporting PWS in its waste management efforts, this is clearly in line with HSBC’s overall climate strategy given the expansion of the facility will bolster sustainable waste management capacity, limiting the amount of waste that ends up in landfill and creating new jobs in an emerging sector,” she added.
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