Prime Infra, an infrastructure developer and operator, has closed two financing agreements totaling Php273.47 billion (~$4.6 billion).
The first Php214.87 billion (~$3.6 billion) project financing agreement was signed with an eight-member bank syndicate that includes Bank of the Philippine Islands, BDO Unibank, China Banking Corporation, Land Bank of the Philippines, Metropolitan Bank & Trust Company, Philippine National Bank, Security Bank Corporation, and Union Bank of the Philippines. It will be classified as a green loan with the assistance of MUFG Bank.
The second financing deal includes a Php58.6 billion (~$1 billion) dual-currency equity standby letter of credit facility signed with foreign lenders MUFG Bank, Mizuho Bank, and Sumitomo Mitsui Banking Corporation.
According to the company, the funding will finance the ongoing construction of the 1,400 MW Pakil Pumped Storage Hydropower Project of Ahunan Power in Laguna and the 600 MW Wawa Pumped Storage Hydropower Project of Olympia Violago Water & Power in Rizal, Philippines.
Both projects are expected to be completed by 2030 and were part of the Department of Energy’s third Green Energy Auction Program.
“This historic financing reflects the confidence of local and international banks in Prime Infra’s capability to deliver large-scale, critical infrastructure. Our pumped storage hydropower projects demand significant capital, and we are fortunate to have the trust of our banking partners,” said Guillaume Lucci, President and CEO of Prime Infra.
The projects are expected to support the government’s target to increase the share of renewable energy in the Philippines’ generation mix to 35% by 2030 and 50% by 2040.
Large-scale project funding increased by 73% in 2025 compared with the funding raised in 2024, according to Mercom’s recently released Annual and Q4 2025 Energy Storage Funding and M&A report. Deal activity also rose sharply, with a 71% increase YoY.
In February, NineDot Energy, a community-scale battery energy storage systems developer, closed a $431 million debt financing led by Natixis Corporate & Investment Banking for the construction of 28 battery energy storage projects totaling 124 MW/494 MWh.
