June 23, 2020 | 12:03 am
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
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