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Manila Bulletin devider Business devider Trade & Industry devider Eight local banks form syndicate for Prime Infra green loan

Eight local banks form syndicate for Prime Infra green loan

Published Mar 12, 2026 03:38 pm
Prime Infrastructure Capital Inc. secured ₱273.5 billion in financing to fund the development of two large-scale pumped storage hydropower projects, the largest credit facility in the company’s history.
In a statement on Wednesday, March 12, Prime Infra said the capital raise includes a ₱215 billion syndicated loan from a consortium of eight domestic lenders.
The syndicate comprises BDO Unibank Inc., Bank of the Philippine Islands, Metropolitan Bank & Trust Co., Land Bank of the Philippines, China Banking Corp., Philippine National Bank, Security Bank Corp., and Union Bank of the Philippines. The financing will be classified as a green loan, with MUFG Bank Ltd. acting as the green loan coordinator.
In addition to the local credit line, Prime Infra secured a ₱58.47 billion equity standby letter of credit facility provided by a trio of Japanese financial institutions: MUFG Bank, Mizuho Bank Ltd., and Sumitomo Mitsui Banking Corp.
The funds are earmarked for the 1,400-megawatt Pakil Pumped Storage Power Plant in Laguna and the 600-megawatt Wawa Pumped Storage Power Plant in Rizal. The projects are being developed under Ahunan Power Inc., with First Gen Corp. recently acquiring a 40 percent stake in the ventures. Both facilities are integrated into the Department of Energy’s Green Energy Auction Program and are scheduled to begin commercial operations by 2030.
Pumped storage technology acts as a massive natural battery, using excess electricity to pump water to an upper reservoir and releasing it through turbines to generate power during periods of high demand.
These assets are considered vital for the Philippines as it seeks to stabilize a grid increasingly reliant on intermittent renewable sources like solar and wind.
Guillaume Lucci, Prime Infra, president and chief executive officer, said the scale of the financing reflects the banking sector’s confidence in the viability of the hydropower assets and their role in the nation’s energy transition.
Lucci noted that the agreements will accelerate critical infrastructure investments and strengthen energy reliability, which he described as the foundation for the Philippines’ sustained economic growth.
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