Razon’s Prime Infra buys 50% of Solar Ph unit

prime infra-solar ph

Enrique Razon-led Prime Infra announced that it has acquired 50% of Solar Philippines Tanauan Corporation, a unit of Leandro Leviste-led Solar Philippines building solar farms in Batangas and Cavite.

Prime Infra said it the transaction consisted of a Php2 billion investment and management control for the Razon-led firm. This is Prime Infra’s second deal with the Leviste-led firm after pouring in Php1.5 billion worth of capital in Solar Philippines Tarlac last year.

Solar Philippines Tanauan owns the 140-megawatt (MW) Maragondon 3 solar project in Cavite and the 50MW Tanauan solar farm in Batangas. Solar Philippines Tarlac, meanwhile, owns a 100MW solar plant in Concepcion town, which is up for expansion to 150MW.

Prime Infra said over 2,000 jobs would be created during the three projects’ construction and over 100 jobs during operations.

Upon completion, the projects are expected to power over 200,000 homes and displace over 240,000 tons of coal per year.

Solar Philippines held its initial public offering (IPO) earlier this month, particularly for Solar Philippines Nueva Ecija Corporation (SPNEC) — the corporate vehicle for its 500MW “solar ranch” project in Peñaranda town. SPNEC, which aimed to raise Php1.3 billion from the IPO, will be formally listed in the Philippine Stock Exchange this Friday.