Prime Infrastructure Holdings Inc. (Prime Infra) has completed an agreement to acquire a 50- percent stake in Solar Philippines Power Project Holdings, Inc.’s Solar Philippines Tanauan Corp.
In a statement, Prime Infra said the transaction involves an investment of P2 billion and management control.
Prime Infra said with the transaction, its total investment to Solar Philippines is now at P3.5 billion, including one made in Solar Philippines Tarlac Corp.’s projects last year.
The investments will result in over 340 megawatts (MW) of solar projects located in Concepcion, Tarlac, Tanauan, Batangas and Maragondon, Cavite.
The three projects will create over 2,000 jobs during construction and over 100 jobs during operations and will be capable of providing power to over 200,000 households when completed.
The power produced will also be equivalent to the displacement of over 240,000 tons of coal per year or 6 million tons of coal for its 25-year economic life.
