Prime Infra Secures US$4.55 billion Financing for 2 GW Pumped Storage Portfolio

Prime Infrastructure Capital Inc. (Prime Infra) secured PHP 273.47 billion (US$4.55 billion) in financing from a consortium of local and international banks in the Philippines to fund its 2-GW pumped storage hydropower projects in Laguna and Rizal. 

Prime Infra entered into a PHP214.87 billion (US$3.57 billion) project financing agreement with an eight-bank syndicate comprising Bank of the Philippine Islands (BPI), BDO Unibank, China Banking Corporation (Chinabank), Land Bank of the Philippines (LandBank), Metropolitan Bank & Trust Company (Metrobank), Philippine National Bank (PNB), Security Bank Corporation, and Union Bank of the Philippines (UnionBank), with the facility to be designated as a green loan supported by MUFG Bank, Ltd. In addition to this domestic financing, the company secured a PHP58.6 billion (US$975 million) dual-currency equity standby letter of credit (ESBLC) facility from international lenders MUFG Bank, Mizuho Bank, Ltd., and Sumitomo Mitsui Banking Corporation.

The financing will support the ongoing development of the 1,400-MW Pakil Pumped Storage Hydropower Plant being built by Ahunan Power, Inc. in Laguna, along with the 600-MW Wawa Pumped Storage Hydropower Plant of Olympia Violago Water & Power, Inc. in Rizal. Both projects are targeted for completion by 2030.