Prime Infrastructure Capital Inc. (Prime Infra) has convinced the Land Bank of the Philippines (Land Bank) to extend the business a P5-billion term loan to partially fund the development of water, sustainable energy and waste management projects across the country.
The company on Thursday said the loan will partially finance its working capital requirements.
Present at the ceremonial signing were Prime Infra president and chief executive officer Guillaume Lucci, chief financial officer Sandy Alipio and treasury head Emma Villa del Rey.
Land Bank executives present at the signing were president and chief executive officer Lynette Ortiz, executive vice president for national development lending sector Ma. Celeste Burgos, and senior vice president for corporate banking group Lucila Tesorero.
“This partnership with the 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,” said Lucci.
Prime Infra said this year it achieved significant milestones such as strengthening its position in the water market through East Zone concessionaire Manila Water Company Inc. and started the impounding process of the Upper Wawa Dam project that will provide water supply to 3.5 million Filipinos.
The company inaugurated this year its first solar power plant producing 128 megawatts of renewable energy and launched the country’s first automated materials recovery sites in Cebu and Pampanga.
In the medium term, Prime Infra is focused on completing the Upper Wawa Dam and its pumped storage projects tagged by the Department of Energy as projects of national significance.
Prime Infra also continues to drill for indigenous gas through Prime Energy and scale up its waste management business.
