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Manila Bulletin devider Business devider Prime Infra secures P5-billion loan from Landbank

Prime Infra secures P5-billion loan from Landbank

Published Sep 5, 2024 04:14 am

In pursuit of funding infrastructure developments, Prime Infrastructure has secured a P5 billion loan facility with the state-run Land Bank of the Philippines.

In a statement, Prime Infra said the loan would be able to partially finance the firm’s working capital requirements and its three core markets: sustainable and renewable energy, water and bulk water supply, waste management, and sustainable fuels.

Guillaume Lucci, Prime Infra president and chief executive officer, said that this loan partnership was a step for the company to develop sustainable and resilient infrastructure.

“It will enable Prime Infra to further accelerate the progress of our projects… We are grateful for the trust as Prime Infra continues to build better lives and resilient economies through critical infrastructure,” he said.

“We take pride that our diverse portfolio of projects not only positions us as a key infrastructure player but also helps contribute to the country’s economic growth and in fostering a more sustainable future,” Lucci added.

Landbank president and chief executive officer Lynette Ortiz also shared her support in the firm’s infrastructure endeavors.

“Sustainability is a key priority and [a] mandate for LANDBANK, and we’re looking forward to further growing this relationship,” Ortiz said.

Prime Infra’s current focus is completing the Upper Wawa Dam to begin its commercial operations, developing two pumped storage projects as noted by the Department of Energy, as well as resuming indigenous gas production by well-drilling under Prime Energy.

Furthermore, the firm plans to scale up the industrialization of its waste management.

So far this year, Prime Infra strengthened its position with Manila Water Co., the concessionaire of the eastern part of Metro Manila. It also began the impounding process in the Upper Wawa Dam project that aims to supply water to 3.5 million Filipinos.

Prime Infra also noted that it inaugurated its first 128-megawatt solar power plants, as well as the country’s first automated materials recovery facilities located in Cebu and Pampanga.

The loan agreement with Landbank was inked yesterday, Sept. 4. Others present during the signing were Prime Infra’s chief financial officer Sandy Alipio, and treasury head Emma Villa del Rey. executive vice president for National Development Lending Ma. Celeste Brugos and senior vice president for Corporate Banking Group Lucila Tesorero were also in the ceremony.

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Prime Infra LandBank of the Philippines (LANDBANK)
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