PRIME Infrastructure Capital Inc. (Prime Infra) signed a P5-billion loan agreement with Land Bank of the Philippines to partially fund the development of water, sustainable energy and waste management infrastructure projects.
The company said in a statement yesterday the loan will also be used to partially finance its working capital requirements and for bridging of syndicated term loans for its projects.
“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,” Guillaume Lucci, Prime Infra president and chief executive officer, said in a statement.
Prime Infra said for this year alone, it achieved significant milestones such as strengthening its position in the water market through east zone concessionaire Manila Water Company Inc. and starting the impounding process of the Upper Wawa Dam project that will provide water supply to 3.5 million Filipinos.
The company also inaugurated this year its first solar power plants that will supply up to 128 megawatts of renewable energy and launched the Philippines’ first automated materials recovery facilities in Cebu and Pampanga.
In the medium term, Prime Infra said it is focused 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, apart from drilling wells to continue indigenous gas production through Prime Energy and scaling up the industrialization of its waste management business.
