Razon's Prime Infra secures P5-B loan from Landbank

Tycoon Enrique Razon’s Prime Infrastructure Capital Inc. has secured fresh funding from the state-run Land Bank of the Philippines to bankroll its water, sustainable energy, and waste management infrastructure projects.

In a statement on Thursday, Prime Infra said it inked a P5-billion loan agreement with Landbank during a ceremonial signing on September 4.

The loan deal was signed by Prime Infra president and CEO Guillaume Lucci and Landbank president and CEO Lynette Ortiz.

The company said the P5-billion loan will partially finance its working capital requirements for projects in its three core sectors, namely sustainable and renewable energy, water and bulk water supply, waste management, and sustainable fuels.

“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,” said Lucci.

“We are grateful for the trust as Prime Infra continues to build better lives and resilient economies through critical infrastructure.''

For her part, Ortiz said, “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.”

Prime Infra’s projects are focused on water security, providing dependable energy, and implementing proper waste management solutions.

This year alone, the company said it achieved significant milestones such as strengthening its position in the water market through East Zone concessionaire Manila Water Company Inc., the start of the impounding process of its Upper Wawa Dam project that will provide water supply benefiting 3.5 million Filipinos, the inauguration of its first solar power plants that will supply up to 128 megawatts of renewable energy, and the inauguration of the Philippines’ first automated materials recovery facilities in Cebu and Pampanga.

In the medium term, Prime Infra said it would focus on completing the Upper Wawa Dam to start commercial operations, developing two pumped storage projects tagged by the Department of Energy as energy projects of national significance, drilling wells to continue indigenous gas production through Prime Energy, and scaling up the industrialization of its waste management business. — VBL, GMA Integrated News