Prime Infrastructure Capital Inc. (Prime Infra) will spend approximately 55 billion pesos to develop various projects designed to add value to its core business segments.
At a news conference on Thursday, Prime Infra President and CEO Guillaume Lucci said the company is “well positioned” to build projects that support the most pressing sustainability goals — energy, access to clean water, waste management and operational critical infrastructure.
He said up to Pta 55 billion of equity has been identified to fund existing projects and those in the pipeline.
“We need about 50 to 55 billion pesos in equity to support our projects,” Lucci said.
Prime Infra said its energy portfolio has always been aligned with the national government’s goal of achieving energy independence and security while reducing the country’s dependence on fossil fuels.
The Company recently completed the acquisition of the 45% working interest in the Malampaya deepwater gas-to-power project. The next step is to maintain and expand gas production in the face of growing electricity demand.
The company is also expanding its energy portfolio by investing heavily in renewable energy – solar, hydro, waste-to-fuel and a gas-fired power plant in Iraq.
It has been reported that Prime has invested at least 200 billion pesetas in Terra Solar Philippines to build a solar facility that would be the largest contracted solar power plant in the world.
“The commitment made to Terra Solar is 200 billion pesos. Remember, we fund our projects with asset-level project finance,” Lucci said.
Prime Infra is also committed to delivering vital water infrastructure on time. Most recently, its subsidiary WawaJVCo Inc. began commercial operation of the Phase 1 large-scale water supply project in Rizal Province, which would initially supply 80 million liters per day of raw water to Manila Water Co. and the Metropolitan Waterworks and Sewerage System.
Construction of phase 2 of the project is scheduled to be completed by 2025.
These projects, Lucci said, support the company’s goal of building better lives and a more resilient economy through critical infrastructure.
“As you can see, we never stopped; We are always ahead and always on the move, looking for opportunities. We will continue to do so and stay true to our goal in the market segments we serve,” said Lucci. “Our advantage is that we are a very disciplined management. We are absolutely relentless and always on the move and two steps ahead.”
“We actually get things done. We have a proven track record of moving forward and getting things done in complex environments.”