RAZON-LED Prime Metroline Infrastructure Holdings Corp. (Prime Infra) and Solar Philippines Tarlac Corp. are set to jointly build big solar projects after they signed a P1.5-billion deal boosting the latter’s energy capacity.
In a statement on Monday, the infrastructure company said the deal, which gives it 50% of common shares of Solar Philippines, will raise the renewable energy firm’s capacity to as much as 800 megawatts (MW), touting the partnership as the “largest solar project joint venture established in the country.”
“Renewables as a stand-alone power source or combined with other forms of power generation and storage are the future of power generation both in terms of reliability and cost,” Prime Infra Chairman Enrique K. Razon, Jr. was quoted as saying.
The agreement will see the development of two new solar projects serving the Luzon and Visayas grids, as well as the capacity expansion of the 150-MW Concepcion solar farm in Tarlac to up to 200 MW.
“We believe that partnerships are key to be competitive in the power business,” said Leandro L. Leviste, president of Solar Philippines, the largest solar developer in the Philippines.
The latest transaction follows Prime Infra’s acquisition of a gas-fired asset in Iraq in February this year, further expanding its power generation portfolio.
Prime Infra, which was incorporated in 2017, owns businesses focused on construction, water, and power. — Adam J. Ang