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Prime Infrastructure Holdings Inc. (Prime Infra), owned by Filipino businessman Enrique Razon Jr., has committed an additional PHP2 billion in Solar Philippines Power Project Holdings Inc., which aims to build more solar power facilities in the country.
Prime Infra said that its new investments in Solar Philippines come from the procurement of a 50% stake in it. The subsidiary holds 140 megawatts (MW) solar capacity installed, collectively in Tanauan, Cavite, Batangas, and Maragondon.
This is Razon’s second outlay in Solar Philippines, boosting the company’s total investment in the solar energy firm to PHP3.5 billion.
The year before, Prime Infra injected P1.5 billion in Solar Philippines Tarlac Corp. for a 200 MW project in Concepcion, Tarlac.
The aggregate value of both initiatives will result in over 340 MW of solar installations in Concepcion, Tarlac, Tanauan, Batangas, and Maragondon, Cavite and will power over 200,000 residences when concluded.
“The three projects will create over 2,000 jobs during construction and over 100 jobs during operations,” according to a Prime Infra statement.
The usage of clean energy in solar power plants equates to the substitution of over 240,000 tonnes of coal annually or 6 million tonnes of coal over the course of 25-year of the market economy.