Prime Infrastructure Capital Inc. has acquired a P5-billion loan from the Land Bank of the Philippines (Land Bank) to boost its sustainability projects, marking the first partnership between the two institutions.
LandBank said the P5-billion loan facility will be used to partially finance working capital requirements of Prime Infra’s pipeline projects in the water, sustainable energy, and waste management and sustainable fuels.
The loan agreement was signed by LandBank President and Chief Executive Officer (CEO) Lynette Ortiz and Prime Infra President and CEO Guillaume Lucci on Sept. 4, 2024 at the Three E-Com Center in Pasay City.
“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,” said Ortiz.
The financial support will allow Prime Infra to accelerate its initiatives in critical infrastructure sectors, thereby contributing to the country’s economic growth and environmental resilience.
“This partnership with Land Bank 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,” said Prime Infra President and CEO Lucci.
One of the recently inaugurated projects of Prime Infra is the 64-megawatt solar power plant in Tanauan, Batangas through its wholly owned subsidiary Prime Solar Solutions Corporation.
“The completion of this plant is really a special milestone for us. This plant, combined with the other plant in Maragondon (Cavite) will be the first set of solar power plants that will be operated by Prime Infra and its subsidiary, Prime Solar. It’s certainly part of a wider portfolio strategy that we have, along with our other renewable projects. These projects truly play a key role into achieving our primary commitment, which is to build better lives and resilient economies through critical infrastructure—the kind of infrastructure that is socially relevant,” said Lucci.
Prime Solar’s two solar power plants – one in Tanauan, Batangas and one in Maragondon, Cavite – will supply up to 128 megawatts of clean, renewable energy from its solar power plants, powering about 84,000 households and displacing over 100,000 tons of coal per year.
Prime Solar has a 50-megawatt, 20-year power supply agreement with the Manila Electric Co. (Meralco), and will supply the rest of its output to the grid. “We are thankful to our offtaker Meralco. We have a long-term contract to fulfill, and we look forward to doing just that and hopefully connect this plant, as quickly as possible, so as to distribute energy and release pressure on the grid,” said Lucci.
