Prime Infrastructure Holdings Inc., a company led by business tycoone Enrique Razon Jr., said Monday it acquired a 50-percent stake in Solar Philippines Tanauan Corp., which is building solar farms in Batangas and Cavite provinces.
Prime Infra said in a statement it concluded an agreement with Solar Philippines Power Project Holdings Inc. to acquire a 50-percent interest in Solar Philippines Tanauan.
The transaction involves an investment of P2 billion and management control for Prime Infra. It is the company’s second investment in projects with Solar Philippines, after investing P1.5 billion in Solar Philippines Tarlac Corp. in 2020.
Solar Philippines Tarlac owns the 100-megawatt solar plant in Concepcion, Tarlac and is readying the expansion to 150 MW.
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.
Both investments will result in over 340 megawatts of solar projects located in Concepcion, Tarlac; Tanauan, Batangas; and Maragondon, Cavite.
The three projects will create over 2,000 jobs during construction and over 100 jobs during operations.
When completed, these will power over 200,000 homes and displace over 240,000 tons of coal per year or six million tons of coal for its 25-year economic life.
Prime Infra specializes in investment, development and operation of critical infrastructure in emerging markets worldwide.
Its companies operate in various industries such as renewable and sustainable energy, water and construction.
Solar Philippines is the largest solar company in Southeast Asia with over 300 MW of generating capacity and 10,000 hectares of land area conducive for solar farms.