Prime Infra scores record P273B for hydro push
Prime Infra has locked in a record P273.47 billion in financing—the largest for the company in 2025—to add a massive 2-gigawatt pumped storage facilities to its portfolio.
The company said Thursday that it signed a P214.87 billion project financing deal with eight local banks, including BPI, BDO, Chinabank, LandBank, Metrobank, PNB, Security Bank, and UnionBank, structured as a green loan with support from MUFG Bank.
In tandem, it secured a P58.6 billion dual-currency equity standby letter of credit facility with MUFG, Mizuho, and Sumitomo Mitsui.
“This historic financing reflects the confidence of local and international banks in Prime Infra’s capability to deliver large-scale, critical infrastructure. Our pumped storage hydropower projects demand significant capital, and we are fortunate to have the trust of our banking partners,” Prime Infra President and CEO Guillaume Lucci said.
“These agreements will accelerate critical infrastructure investments and strengthen energy security and reliability, which are the foundations of the Philippines’ sustained economic growth,” he added.
The funds will support the 1,400-megawatt (MW) Pakil Pumped Storage Hydropower Plant in Laguna and the 600-MW Wawa Pumped Storage Hydropower Plant in Rizal, both expected by 2030 after winning the government auction.
Pumped storage allows water to be stored off-peak and released to meet peak electricity demand, stabilizing the grid and supporting renewable energy integration.