RAZON-LED Prime Infrastructure Holdings, Inc. (Prime Infra) is investing an additional P2 billion into projects with Solar Philippines Power Project Holdings, Inc. (Solar Philippines), it said on Monday.
Prime Infra, which is headed by tycoon Enrique K. Razon, Jr., said it recently concluded an agreement with Solar Philippines to acquire a 50% stake in the latter’s subsidiary Solar Philippines Tanauan Corp., which involves the P2-billion investment and management control, it said in a statement.
The subsidiary is the corporate vehicle of its solar farms in Tanauan, Batangas and Maragondon, Cavite with a combined capacity of 140 megawatts (MW).
This marks Prime Infra’s second investment in Solar Philippines projects following its P1.5-billion injection into Solar Philippines Tarlac Corp. in 2020 for its 200-MW farm in Concepcion, Tarlac.
“[This] brings the total investment of Prime Infra in projects with Solar Philippines to P3.5 billion, a testament to Prime Infra’s commitment to sustainability and growing its partnership with Solar Philippines,” Prime Infra said.
It said the three projects will create over 2,000 jobs during construction and over 100 jobs during operations.
“When completed, these will be able to power over 200,000 homes. This is equivalent to the displacement of over 240,000 tons of coal per year or 6 million tons of coal for its 25-year economic life,” it added.
Prime Infra specializes in investment, development, and operation of critical infrastructure in emerging markets.
Meanwhile, Leviste-led Solar Philippines, the largest solar company in the country, has over 300 MW of generating capacity and 10,000 hectares of land area in Batangas, Tarlac, and Nueva Ecija which they are eyeing to develop into solar energy zones. — MCL