Prime Infrastructure gears up for expansion, sets aside P55 billion

MANILA, Philippines — Prime Infrastructure Capital Inc. of tycoon Enrique Razon Jr. is investing as much as P55 billion on projects that will support the country’s urgent needs, such as in the areas of energy, safe water, and waste management.

Prime Infra president and CEO Guillaume Lucci, in a press briefing yesterday, said the company is committed to invest in critical infrastructure that supports the urgent needs of the country.

“Prime Infra today, for its development pipeline, will need about, give or take, P50 billion to P55 billion of equity to support the projects,” he said.

Lucci said the company is also continuously looking at opportunities to expand not only locally, but also overseas.

For the company’s energy portfolio, Prime Infra has aligned it with the national government’s objective of attaining energy independence and security, while reducing the country’s reliance on fossil fuels.

Prime Infra recently completed the acquisition of the 45-percent operating stake in the Malampaya deep water gas-to-power project.

The next step is for it to sustain and expand gas production in light of growing electricity demand.

The company is also expanding its energy portfolio by investing heavily in renewables—solar, hydropower, waste-to-fuel, and a gas-fired power plant in Iraq.

“In terms of power, of course, we are looking at growth. So we’re looking at growth after Terra Solar, Ahunan, and OVPI which will still be within the market requirements of the Philippines for it just to sustain the economic growth that’s being projected by the government,” Prime Infra market sector lead for power Janssen Dela Cruz said.

“So that’s where we’re trying to look at, more on energy storage and wind and solar investments primarily,” he said.

Prime Infra has likewise expressed its commitment to delivering on time vital water infrastructure.

Subsidiary WawaJVCo Inc. recently started the commercial operations of Bulk Water Supply Project Phase 1 in Rizal province that would deliver an initial 80 million liters per day of raw water to Manila Water Co. and Metropolitan Waterworks and Sewerage System.

Construction of the project’s Phase 2 is expected to be completed by 2025.

Lucci said these projects support the company’s goal to build better lives and resilient economies through critical infrastructure.

“As you can tell, we never stopped, we are always ahead and always moving and looking at opportunities. We will continue doing that, remaining true to our purpose in the market segments that we serve,” he said.