Prime Infra secures P5-B sustainability loan

Prime Infrastructure Capital Inc. (Prime Infra), the infrastructure arm of mogul Enrique K. Razon, has secured a P5-billion loan agreement with the Land Bank of the Philippines (LandBank) that will help bankroll its sustainable infrastructure initiatives in water, renewable energy and waste management.

The company said on Thursday that the loan will be particularly used to finance its working capital requirements and bridge financing for its core business areas.

“This partnership with LandBank is a significant step forward in our commitment to developing sustainable and resilient infrastructure. It will enable Prime Infra to further accelerate the progress of our projects in sustainable energy, water supply, and waste management,” Prime Infra president and CEO Guillaume Lucci said.

LandBank commits support

For her part, LandBank president and CEO Lynette Ortiz affirmed the bank’s support for Prime Infra’s projects.

“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,” she said.

To recall, Prime Infra is now a majority owner of the Manila Water Company Inc. and is also involved in the development of the Upper Wawa Dam project, which will benefit 3.5 million Filipinos.

The company also inaugurated its first solar power plants, contributing 128 megawatts of renewable energy, and opened the country’s first automated materials recovery facilities in Cebu and Pampanga.

Moving forward, Prime Infra said it will focus on completing the Upper Wawa Dam, developing pumped storage energy projects, expanding indigenous gas production through Prime Energy, and growing its waste management business.

“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,” Lucci said.