PRIME Infrastructure Capital Inc., led by Enrique Razon Jr., is pouring in at least P55 billion to develop sustainable energy, safe water, waste management and other projects that would benefit the country.
At a press briefing on Thursday, Prime Infra President and Chief Executive Officer 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.
Prime Infra, he said, is committed to invest in critical infrastructure that supports the country’s urgent needs. 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’s 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 recently completed 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. Prime 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.
Source: manilatimes
