Razon-led Prime Infra to spend P55B for energy, water projects
BY LENIE LECTURA – NOVEMBER 18, 2022
from Business Mirror
Prime Infrastructure Capital Inc. (Prime Infra) will shell out some P55 billion to develop various projects that are meant to add value to its core business segments.
At a press briefing on Thursday, Prime Infra President and CEO Guillaume Lucci said the company is “well-positioned” to build projects supporting most urgently needed sustainability goals—energy, access to clean water, waste management and viable critical infrastructure.
He said as much as P55 billion in equity has been identified to finance existing projects and those that are in the pipeline.
“We need about, give or take, P50 to P55 billion of equity to support our projects,” said Lucci.
Prime Infra said its energy portfolio has always been aligned with the national government’s objective of attaining energy independence and security, while reducing the country’s reliance on fossil fuels.
It has recently completed the acquisition of the 45-percent operating stake in the Malampaya deep water gas-to-power project. The next step is to sustain and expand gas production in light of growing electricity demand.
The company is also expanding its energy portfolio by investing heavily in renewables—solar, hydropower, waste-to-fuel and a gas-fired power plant in Iraq.
Prime has been reported to invest at least P200 billion in Terra Solar Philippines to build a solar facility that would be the biggest contracted solar power plant in the world.
“The commitment that was made vis-a-vis Terra Solar being P200 billion. Keep in mind that we fund our projects with project financing at the asset level,” said Lucci.
Prime Infra is also committed to deliver on time vital water infrastructure. Just recently, its subsidiary, WawaJVCo Inc., started the commercial operations of Bulk Water Supply Project Phase 1 in Rizal province that would deliver an initial 80 million liters per day of raw water to Manila Water Co. and Metropolitan Waterworks and Sewerage System.
Construction of the project’s Phase 2 is expected to be completed by 2025.
These projects, Lucci said, support the company’s goal to build better lives and resilient economies through critical infrastructure.
“As you can tell, we never stopped; we are always ahead and always moving and looking at opportunities. We will continue doing that, remaining true to our purpose in the market segments that we serve,” said Lucci. “Our edge is we are a very disciplined management. We are absolutely relentless and always moving and two steps ahead.”
“We actually get things done. Our track record is proven—when it comes to stepping up and getting things done in complex settings.”
