![]() While its first project was a 29-megawatt gas-fired power plant in Iraq, Razon’s infrastructure company plans to grow its power, water and waste-management portfolio in the Philippines before expanding overseas, the CEO said. Prime Infra also plans to build landfills around the capital region, he said. In four to five years, revenue from electricity will account for 40% from below 20% currently, Lucci said. Inc., which supplies half of the Philippine capital. That would raise the cost of Razon’s big solar-battery project and potentially eat into its profitability.Īt the moment, Prime Infra gets 80% of its revenue from Manila Water Co. Supply chain snarls are raising the price of solar panels for the first time in a decade, and strong competition as Europe and the US boost climate ambitions could mean prices stay higher than expected for the next few years. Still, there are risks to Prime Infra’s renewable ambitions. , in a speech in July, said solar, wind, hydropower and geothermal energy sources are key to achieving his climate agenda. The Philippines is seeking to increase renewables’ share to the overall energy mix to 50% by 2040 from just a fifth in 2019. Razon, who is also the chairman of International Container Terminal Services Inc., which operates more than 30 port terminals in 20 countries, is estimated to be worth $4.8 billion, according to the Bloomberg Billionaires Index. Also in the works are a 1,400-megawatt hydropower plant at Laguna de Bay just south of Manila, as well as two water projects that will provide 518 million liters of water to areas around the capital by 2025. It’s building a solar-and-battery facility that will displace annual consumption of about 1.4 million tons of coal, equivalent to nearly 6% of the nation’s annual needs. If you take all that into consideration as an investor, it’s perfectly logical to invest into the Philippines and Prime Infra,” President and Chief Executive Officer Guillaume Lucci said in an interview. We’re probably not where we should be in terms of water availability and sanitation, or probably not where we should be in terms of waste management and addressing climate change. ![]() The country is “probably not where it should be in terms of power supply demand. Prime Infra’s projects will be the first of their kind for Philippines’ renewable market, giving investors an early entry point. Developing domestic renewable sources will also help the nation reduce dependence on oil and coal. The Southeast Asian nation, which imports almost all of its oil requirements, is looking to spend more on fuel subsidies as a cushion against higher prices. The need for more energy of any sort is urgent in the Philippines, where growth in power demand has outpaced new capacity. His green push through Prime Infrastructure Capital, Inc., which will go public later this year, is aligned with broader plans by the government to increase the use of renewable energy to 50% by 2040. The nation’s second-richest man is focusing on solar farms, battery facilities and water projects in an effort to attract international investors. Most-Accurate US Artillery Shell Is Added to Ukraine’s ArmsĪpple’s iPhone 14 Offers Camera Upgrades, Satellite Feature Queen Elizabeth II, Britain’s Longest-Reigning Monarch, Dies at 96 Queen Elizabeth’s Doctors Are Concerned for Her Health His next target is the country’s nascent renewables industry.Ĭharles Becomes King as the Face of a Nation Changes (Bloomberg) - Philippine billionaire Enrique Razon made his fortune operating ports and running casinos. ![]()
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