Prime Infrastructure Capital Inc., the infrastructure company led by billionaire Enrique Razon Jr., expects to double its revenue and earnings over the short to medium term, driven by acquisitions, existing businesses, and new power projects.
The company’s revenue rose 21% to P67.63 billion in 2025, from P55.99 billion in 2024. The increase followed its acquisition of a controlling stake in gas-fired power plants and a liquefied natural gas (LNG) terminal in Batangas.
Prime Infra Chief Financial Officer Sandy Alipio said the company’s growth strategy rests on three areas: improving the performance of existing assets, pursuing further acquisitions, and bringing two gigawatts of pumped-storage hydropower projects in Laguna and Rizal into commercial operation.
Expanding Across Energy and Water Infrastructure
Founded in 2017 with a focus on water infrastructure, Prime Infra has since expanded into power generation and oil and gas. Its portfolio includes Manila Water Co. Inc., Colombia-based oil and gas producer SierraCol Energy, and Prime Energy, the operator of the offshore Malampaya gas field.
Malampaya recently received a boost from two new production wells, Malampaya East-1 and Camago-3. The wells are expected to extend the gas field’s productive life by approximately six years, helping sustain a domestic source of natural gas for the Philippines.
The development is significant for the country’s energy supply, as Malampaya has long been a key source of locally produced natural gas for power generation.
P273.47 Billion Secured for Hydropower Projects
Prime Infra is also investing in two pumped-storage hydropower projects with a combined capacity of 2,000 megawatts (MW).
The portfolio consists of the 1,400-MW Pakil project in Laguna and the 600-MW Wawa project in Rizal. Both are targeted for completion by 2030.
In March 2026, the company announced financing agreements totaling P273.47 billion to support the projects. The package includes a P214.87-billion project financing agreement with an eight-bank Philippine syndicate and a P58.6-billion standby letter of credit facility from international lenders.
Pumped-storage hydropower works like a large energy storage system. Water is pumped to an elevated reservoir when electricity is available, then released through turbines to generate power when demand rises. The technology can help balance electricity supply as more renewable energy sources, such as solar and wind, are added to the grid.
Private Funding Supports Expansion
Rather than proceeding with a planned initial public offering in 2023, Prime Infra turned to private financing amid volatile market conditions. Its latest funding agreements provide financial support for its major hydropower investments.
The company’s revenue and earnings doubling target remains a forward-looking goal, with no specific deadline announced. Its ability to reach that target will depend on the performance of existing assets, future acquisitions, and the timely development and commercial operation of its planned power projects.
