Prime Infrastructure Capital Inc. (Prime Infra) has finalized two financing agreements totaling Php273.47 billion, marking one of the largest infrastructure funding deals executed in 2025, to support the development of its 2-gigawatt pumped storage hydropower portfolio in the Philippines.

During separate signing ceremonies on March 12, the company secured a Php214.87 billion project financing agreement with an eight-member banking syndicate. The consortium includes Bank of the Philippine Islands (BPI), BDO Unibank, Inc., China Banking Corporation (Chinabank), Land Bank of the Philippines, Metropolitan Bank & Trust Company (Metrobank), Philippine National Bank, Security Bank Corporation, and Union Bank of the Philippines. The facility will be classified as a green loan, with support from MUFG Bank, Ltd..

In addition to the domestic financing package, Prime Infra also secured a Php58.6 billion dual-currency equity standby letter of credit (ESBLC) facility from international lenders, including Mizuho Bank, Ltd. and Sumitomo Mitsui Banking Corporation, alongside MUFG.

Commenting on the development, Guillaume Lucci, President and CEO of Prime Infra, said the financing reflects strong confidence from both local and international banking partners in the company’s ability to deliver large-scale infrastructure projects. He noted that pumped storage hydropower developments require substantial capital and that the agreements will accelerate investments critical to strengthening the country’s energy security and reliability.

The financing will support the construction of two major pumped storage facilities: the 1,400-MW Pakil Pumped Storage Hydropower Plant being developed by Ahunan Power, Inc. in Laguna and the 600-MW Wawa Pumped Storage Hydropower Plant being developed by Olympia Violago Water & Power, Inc. in Rizal. Both projects are expected to be completed by 2030.

Pumped storage hydropower technology stores energy by pumping water to an upper reservoir during periods of low electricity demand and releasing it to generate power during peak demand. This system plays a key role in stabilizing the grid and balancing variable renewable energy sources such as wind and solar.

The projects align with the Philippine government’s renewable energy targets, which aim to increase the share of renewables in the national power generation mix to 35% by 2030 and 50% by 2040.

The signing ceremonies were held at Solaire Resort & Casino and were attended by executives from participating banks as well as senior officials from Prime Infra’s finance and renewable energy teams.