Prime Infrastructure to invest P3.5 billion for solar projects

MANILA, Philippines — Prime Infrastructure Holdings Inc. (Prime Infra), the infrastructure arm of the Razon Group, is pouring in P3.5 billion for solar projects in three provinces.

This is through a partnership with Solar Philippines, a company founded by young entrepreneur Leandro Leviste.

In a statement, Prime Infra announced the conclusion of an agreement with Solar Power Project Holdings Inc., through which it has acquired a 50 percent stake in Solar Philippines Tanauan Corp.

The transaction, which involves an investment of P2 billion and management control for Prime, marks Prime Infra’s second investment in projects with Solar Philippines.

Prior to this, Prime Infra also has an investment in Solar Philippines’ Tarlac Corp. sealed in 2020.

This brings the total investment of Prime Infra in projects with Solar Philippines to P3.5 billion, “a testament to Prime Infra’s commitment to sustainability and growing its partnership with Solar Philippines,” the Razon-led company said.

These investments mark Prime Infra’s expansion in the renewable energy sector and its contribution to the country’s shift toward more sustainable energy from coal-powered resources.

Both investments combined will result in over 340 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.

When completed, these will be able to power over 200,000 homes. This is equivalent to the displacement of over 240,000 tons of coal per year or 6M tons of coal for its 25-year economic life.

Solar Philippines is the largest solar company in Southeast Asia with over 300 MW of generating capacity and 10,000 hectares of land area conducive for solar farms.

Prime Infra, chaired by Razon, specializes in investment, development, and operation of critical infrastructure in emerging markets worldwide.

“At the core of Prime Infra’s business strategy is sustainability as it aims to build better lives and resilient economies for its host communities. Its wide range of companies operate in various industries such as renewable and sustainable energy, water, construction, and more, providing essential services and laying a strong foundation for the future,” it said.

Prime Infra also earlier acquired a controlling stake in Manila Water Co., the east zone water concessionaire, through Trident Water Co. Holdings Inc.