Prime Infra invests in Solar Philippines' biz with 140 MW of projects in tow

Prime Infrastructure Holdings Inc, an infrastructure company led by Filipino billionaire Enrique K. Razon Jr, is investing PHP 3.5 billion (USD 69.6m/EUR 61.6m) to support three solar projects in partnership with Solar Philippines, it said on Monday.

Prime Infra said it had recently close an agreement with the Philippine solar company to acquire a 50% stake in its subsidiary Solar Philippines Tanauan Corporation.

The Tanauan Corp is a vehicle holding two solar projects totalling 140 MW located in the Philippine provinces of Batangas and Cavite.

Prime Infra invested PHP 2 billion in the transaction and takes over management control, it said.

The latest deal follows Prime Infra’s 2020 PHP-1.5-billion investment in Solar Philippines Tarlac Corporation, a company that owns an operational solar farm that is set to be expanded to 200 MW.

These two investments will be used build three solar farms totalling over 340 MW in the provinces of Tarlac, Batangas and Cavite. Prime Infra expects the initiative to create over 2,000 construction jobs and over 100 jobs during the operations stage.

(PHP 10 = USD 0.199/EUR 0.176)

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