Prime Infra gets fresh P5-B loan to fund projects

Razon-led Prime Infrastructure Holdings Corp. secured a P5-billion loan deal with state-run Land Bank of the Philippines to help finance its various projects.

In a joint statement on Thursday, the group said the fresh funds would support the rollout of its sustainable and renewable energy, water and bulk water supply, and waste management and sustainable fuels.

“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 officer Guillaume Lucci.

READ: Prime Infra tapped for property giant’s waste management in Cebu

Landbank, meanwhile, said extending loans for sustainable projects, particularly in the infrastructure sector, reflects the Marcos administration’s commitment to environmental and economic goals.

“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.

Prime Infra also continues to build up portfolios in other core businesses, including water supply through Manila Water Company Inc. and the start of the impounding process of its Upper Wawa Dam, designed to boost water supply for 3.5 million Filipinos.

The Upper Wawa Dam, poised to be the largest dam built in more than five decades, has a reservoir of about 450 hectares, about twice the area of Bonifacio Global City, and can store up to 120 million cubic meters of water. Bulk water supply is seen to begin flowing by the latter part of next year.

In the energy space, the group earlier inaugurated two solar power plants with a combined potential maximum capacity of 128 megawatts. These are the 64-MW Maragondon Solar Power Plant in Cavite and the 64-MW Tanauan Solar Power Plant in Batangas.

This year also marked the commercial operations of the group’s automated materials recovery facilities in Cebu and Pampanga.

Prime Infra said they would focus on the completion of the Upper Wawa Dam, drilling wells to extend the life of the Malampaya gas field, and boosting its waste management operations.