Razon getting 50% of Leviste's Solar PH Tarlac for P1.5 billion
MANILA, Philippines – Enrique Razon Jr's Prime Metroline Infrastructure Holdings (Prime Infra) will be getting 50% of Solar Philippines Tarlac Corporation, a company owned by Leandro Leviste, for P1.5 billion.
Prime Infra on Monday, June 22, said it inked an agreement with Leviste to get half of the country's largest solar farm, which will expand Razon's portfolio in the power industry.
Razon has a gas-fired asset in Iraq, which started operating just last February.
"Renewables as a stand-alone power source or combined with other forms of power generation and storage are the future of power generation both in terms of reliability and cost," said Razon, chairman of Prime Infra.
The deal includes projects that would help generate up to 800 megawatts (MW) which will serve the Luzon and Visayas grids.
"We believe that partnerships are key to be competitive in the power business," Leviste said.
Leviste, son of Antique Representative Loren Legarda, said the deal will also improve the capacity of Concepcion Solar Farm in Tarlac, the country's largest greenfield power plant. It has been operating since 2019 and generates up to 200 MW. – Rappler.com