Prime Infra secures historic ₱273.5-B in financing for pumped storage portfolio Prime Infra has sealed two financing agreements totaling ₱273.47 billion, the largest to be executed in 2025, to support the development of its pumped storage portfolio with a combined 2-gigawatt capacity.
During separate ceremonial signings on March 12, Prime Infra signed a ₱214.87 billion project financing agreement with an eight-member bank syndicate that includes Bank of the Philippine Islands (BPI), BDO Unibank, Inc., 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). It will be classified as a green loan with the assistance of MUFG Bank, Ltd.
Complementing the local financing deal, Prime Infra also inked a ₱58.6 billion dual-currency equity standby letter of credit (ESBLC) facility with foreign lenders MUFG Bank, Mizuho Bank, Ltd., and Sumitomo Mitsui Banking Corporation.
“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. “These agreements will accelerate critical infrastructure investments and strengthen energy security and reliability, which are the foundations of the Philippines’ sustained economic growth,” added Lucci.
The funding will finance the ongoing construction of the 1,400-megawatt (MW) Pakil Pumped Storage Hydropower Plant of Ahunan Power, Inc. in Laguna and the 600-MW Wawa Pumped Storage Hydropower Plant of Olympia Violago Water & Power, Inc. in Rizal. Both slated for delivery by 2030, the projects were part of the Department of Energy’s third Green Energy Auction Program and deemed as energy projects of national significance.
Pumped storage technology allows for energy storage by pumping water to an upper reservoir during off-peak hours and releasing it to generate power during peak demand. This helps stabilize the grid and manage intermittent renewable energy sources like wind and solar. The projects 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.
Present during the signing ceremonies held at Solaire Parañaque were BDO Capital President Eduardo Francisco, BDO Unibank Executive Vice President Charles Rodriguez, BPI Capital President Lester Ong, BPI Senior Vice President Barbara Untalan, BPI Wealth Senior Vice President Yvette De Peralta, BDO Trust Senior Vice President Manuel Malabanan, FMIC President Anthony Ocampo Jr., Metrobank Executive Vice President Mylene Caparas, SB Capital President and CEO Virgilio Chua, and Security Bank Executive Vice President John Cary Ong.
In attendance as well were PNB Executive Vice President Roberto Abastillas, PNB Capital Senior Vice President Jose Eduardo de Rivera, LandBank Executive Vice President Charlotte Conde, LandBank Senior Vice President Gonzalo Bongolan, UnionBank Senior Vice President Odette Sumpaico, UnionBank Executive Vice President Mimi Concha, Chinabank Executive Vice President Lilian Yu, Chinabank Capital Managing Director Juan Paolo Colet, Sumitomo Mitsui Banking Manila Branch Country Head Hiroyasu Kanda, Sumitomo Mitsui Banking Singapore Branch Global Trade Finance Head Yoshitaka Morita, MUFG Manila Branch Country Head Masami Yoshitake, and Mizuho Bank Manila Branch Country Head Masaaki Wada. Also present were Prime Infra Chief Financial Officer Sandy Alipio, Head of Treasury Emma Villa del Rey, Pumped Storage Projects President Noel Gonzales, and Chief Financial Officer for Renewable Energy Eduardo Olbes.
