Prime Infra taps LANDBANK for P5-billion loan

RAZON-LED Prime Infrastructure Capital, Inc. has inked a P5-billion loan agreement with Land Bank of the Philippines (LANDBANK) to partially finance the capital requirements of its water, energy, and waste management infrastructure projects.

“This partnership with LANDBANK is a significant step forward in our commitment to developing sustainable and resilient infrastructure,” Prime Infra President and Chief Executive Officer (CEO) Guillaume Lucci said in a statement on Thursday.

Mr. Lucci said that the loan agreement will enable the company to accelerate the progress of its projects in “sustainable energy, water supply, and waste management,” which are its three core markets.

“We are excited to embark on this new partnership with a recognized leader in building critical and socially relevant infrastructure. Our common goal of enhancing lives and fostering resilient economies makes this loan facility a truly mutually beneficial endeavor,” LANDBANK President and CEO Lynette V. Ortiz said.

“Certainly, we’re very supportive of your projects. Sustainability is a key priority and [a] mandate for LANDBANK, and we’re looking forward to further growing this relationship,” she added.

Prime Infra-led WawaJVCo said that its Upper Wawa Dam project — the second phase of the Wawa Bulk Water Supply project — has started the impounding process.

The project would provide water supply of up to 710 million liters per day, benefiting over 700,000 households. The company is targeting to commence commercial operations by the end of 2025.

In May, Prime Infra said that its two pumped storage projects worth $7.6 billion have been certified as “energy projects of national significance” by the Department of Energy, which would qualify them for expedited permit processing.

The Pakil Pumped Storage Power project will have a storage capacity of 14,000 megawatt-hours (MWh) daily and generating output of 1,400 megawatts (MW).

The Wawa Pumped Storage project will have a storage capacity of 6,000 MWh per day and a generating output capacity of 600 MW.

Both projects will start operating by 2030.

For energy, Prime Infra recently inaugurated two solar power projects: the 64-MW Maragondon Solar Power Plant in Cavite and the 64-MW Tanauan Solar Power Plant in Batangas.

The total capacity is expected to power about 84,000 households and displace over 100,000 tons of coal per year.

In a bid to add supply to the grid, the Malampaya consortium led by Prime Energy Resources Development B.V. is set to drill at least two new wells in the Malampaya gas field next year to deliver new gas by 2026.

Last year, Prime Energy said that it was planning to spend about $187 million for 2024 on the Malampaya Phase 4 project.

In June, Prime Infra’s waste unit inaugurated a P1-billion large-scale and automated materials recovery facility in Pampanga that can accommodate up to 5,000 tons per day of solid waste.

“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,” Mr. Lucci said. — Sheldeen Joy Talavera