Prime Infrastructure Capital Inc. (Prime Infra) has secured P273.47 billion in financing for the development of 2,000 megawatts (MW) of pumped storage hydropower projects, strengthening its role in large-scale energy infrastructure.
The funding package includes a P214.87-billion green project loan from a bank syndicate composed of Bank of the Philippine Islands, BDO Unibank Inc., China Banking Corporation, Land Bank of the Philippines, Metropolitan Bank and Trust Company, Philippine National Bank, Security Bank Corporation, and Union Bank of the Philippines, with support from MUFG Bank Ltd..
In a separate agreement, Prime Infra also secured a P58.6-billion dual-currency equity standby letter of credit facility from Japanese lenders MUFG Bank Ltd., Mizuho Bank Ltd., and Sumitomo Mitsui Banking Corporation.
Prime Infra president and CEO Guillaume Lucci said the financing shows strong confidence from both local and international banks in the company’s ability to deliver major infrastructure projects.
The funds will support the construction of two pumped storage plants: the 1,400-MW Pakil project in Laguna and the 600-MW Wawa project in Rizal, developed by Ahunan Power Inc. and Olympia Violago Water and Power Inc.. Both projects are targeted for completion by 2030.
Pumped storage hydropower works by pumping water to an upper reservoir during low electricity demand and releasing it to generate power during peak hours, helping stabilize the grid and support renewable energy sources such as wind and solar.
Both projects are part of the Philippine Department of Energy’s Green Energy Auction Program and are classified as energy projects of national significance.
The financing marks one of the largest funding packages for energy storage in the Philippines and strengthens Prime Infra’s position in critical infrastructure development. It also supports the country’s push for energy security, grid reliability, and integration of renewable energy, key factors for long-term economic growth.
