Prime Infra has secured financing agreements worth approximately Php 273.47 billion to support the development of a pumped storage project (PSP) portfolio with a combined capacity of 2,000 MW. The financing package includes two separate agreements. One agreement involves project financing of about Php 214.87 billion arranged through a bank syndicate comprising Bank of the Philippine Islands, BDO Unibank Inc., China Banking Corporation, Land Bank of the Philippines, Metropolitan Bank & Trust Company, Philippine National Bank, Security Bank Corporation, and Union Bank of the Philippines. The financing will be classified as a green loan with assistance from MUFG Bank.
Additionally, the company secured another agreement, a dual-currency equity standby letter of credit facility valued at approximately Php 58.6 billion from MUFG Bank, Mizuho Bank, and Sumitomo Mitsui Banking Corporation. The funding package will support the construction of two hydro PSPs. These include the 1,400 MW Pakil hydro PSP being developed by Ahunan Power, Inc. in Laguna and the 600 MW Wawa hydro PSP being developed by Olympia Violago Water & Power, Inc. in Rizal.
Furthermore, both PSPs are scheduled for completion by 2030. They were selected under the Department of Energy’s third Green Energy Auction programme, and have been designated as energy projects of national significance. The Philippine government targets increasing the share of renewable energy in the country’s power generation mix to 35 per cent by 2030 and 50 per cent by 2040.