Prime Infra allots P55B for 2022 blitz
We need about, give or take, P50 to P55 billion of equity to support our projects
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We need about, give or take, P50 to P55 billion of equity to support our projects
Razon-led Prime Infrastructure Capital Inc. is investing P55 billion to bankroll business expansions that will support economic progress.
At a press conference on Thursday, Prime Infra president and CEO Guillaume Lucci said the company wants to invest in critical infrastructures to support urgent needs such as access to clean water, sufficient energy supply, and proper waste management skills.
"We need about, give or take, P50 to P55 billion of equity to support our projects," Lucci told reporters on Thursday, adding that the amount will finance existing projects and those that are in the pipeline.
Prime Infra 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 the growing electricity demand
Always a step ahead
"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," Lucci said.
"Our edge is we are very disciplined management. We are relentless and always moving and two steps ahead. We get things done. Our track record is proven."
Currently, Prime Infra is also expanding its energy portfolio by investing heavily in renewables — solar, hydropower, waste-to-fuel and a gas-fired power plant in Iraq.
Likewise, the company 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.
Just last week, it announced that 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.
Lucci said the projects support the company's goal to build better lives and resilient economies through critical infrastructure.
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