Prime Infrastructure Capital

What Prime Infrastructure Capital does

Prime Infrastructure Capital Inc. is a privately-held Philippine infrastructure investment company founded in 2017 and controlled by Enrique K. Razon Jr. The company develops and operates core infrastructure assets across three sectors: Water (Manila Water, serving 12 million consumers with clean water and environmental services), Sustainable Energy (Malampaya Deepwater Gas-to-Power Project supplying ~20% of Luzon's electricity, the Philippine NatGas Complex in Batangas with 3,200+ MW of gas-fired generation, and the 2,000 MW Wawa and Pakil pumped storage hydropower portfolio targeted for completion by 2030), and Waste Management (Prime Integrated Waste Solutions, with 6,000 tons/day of materials recovery capacity).

The company's revenue model is anchored in long-duration, regulated or contract-based recurring streams: electricity generation and sale via long-term offtake agreements with utilities such as Meralco, regulated water distribution tariffs under Manila Water, natural gas production from the Malampaya field (Phase 4 under construction), and, more recently, crude oil production from SierraCol Energy in Colombia at ~77,000 boe/day. Pricing is generally negotiated bilaterally for large infrastructure contracts rather than published, and capital intensity is substantial — the company has secured approximately PHP 273.47 billion (~$4.6 billion) in green and dual-currency project financing within a single quarter for its pumped storage hydropower build-out, financed through an eight-bank Philippine syndicate plus MUFG, Mizuho, and SMBC.

Go-to-market is enterprise-direct: the company does not sell through traditional distribution channels but operates infrastructure assets and contracts directly with utilities, government agencies (Department of Energy, DPWH), and industrial customers. Strategic alliances are central to the model — most notably a cross-shareholding alliance with Lopez-led First Gen Corporation covering the gas and hydro portfolios, a 20% LNG terminal stake held by Tokyo Gas, and the recent $1.5 billion acquisition of SierraCol Energy from Carlyle Group, which marked Prime Infra's first overseas energy asset. The 2025 fiscal year produced PHP 67.6 billion in group revenue, PHP 46.3 billion in EBITDA, and PHP 20.8 billion in net income, and Prime Infra debuted at #246 on the Fortune Southeast Asia 500 in mid-2026.

Name

Prime Infrastructure Capital

Legal name

Prime Infrastructure Capital Inc.

Website

https://primeinfra.ph

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

Prime Infrastructure Capital is a Razon-owned Philippine infrastructure platform operating integrated water (12M consumers), gas-fired and pumped storage power (3,200+ MW plus 2,000 MW hydro under construction), upstream gas, and waste management assets across the Philippines and Colombia.

Ownership category

akta.pro rank

Product category

Infrastructure and Utilities

NAICS

Water Supply and Irrigation Systems (221310), Utility System Construction (2371), Utilities (221)

SIC

Water Supply (4941), Oil & Gas Field Machinery & Equipment (3533), Engines & Turbines (3510)

akta.pro primary industry

Infrastructure — Core (Brownfield) (FSAAAKAE)

akta.pro secondary industries

Capital Delivery, Asset Management & Renewal Programs (Pipes, Plants, Pumps) (EUANAAAK), Hydropower Plant EPC (Dam, Run-of-River, Pumped Hydro Civil Works) (EUAEAAAD), Infrastructure Planning, Capital Programs & Project Delivery Offices (PMOs) (BPAIALAJ), Hydroelectric Turbines & Governors (IMAHAFAD)

Keywords

• Infrastructure investment
• Natural gas power generation
• Water utility services
• Waste management solutions
• Pumped storage hydropower

Headquarters

HQ city

Manila

HQ country

Philippines

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Infrastructure, Operations, Supply Chain, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Power Generation and Energy Sales: Generation and sale of electricity from natural gas-fired power plants and hydropower facilities. The company operates gas-fired power plants in Batangas with combined capacity exceeding 3,200 MW and owns stakes in pumped storage hydropower projects totaling 2,000 MW.
2. Natural Gas Production and Sales: Operation and development of Malampaya gas field offshore Palawan, supplying natural gas for power generation. Phase 4 development extending field productive life by approximately six years.
3. Water Services: Water distribution and environmental services through Manila Water subsidiary, providing clean water access to 12 million consumers.
4. Waste Management Services:

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Prime Infrastructure Capital is a private infrastructure investment company that develops, owns, and operates assets across three core sectors in the Philippines: Water, Sustainable Energy, and Waste Management. It runs gas-fired power plants (over 3,200 MW combined), the Malampaya deepwater gas-to-power project supplying roughly 20% of Luzon's electricity, an offshore LNG terminal in Batangas, and pumped storage hydropower projects (2,000 MW combined) targeted for completion by 2030. Through subsidiaries, it distributes clean water to 12 million consumers via Manila Water, operates waste materials recovery facilities with 6,000 tons/day capacity, and acquired SierraCol Energy in Colombia as its first overseas oil and gas asset.

Product overview

Prime Infrastructure Capital is an infrastructure investment company organized around three core sectors: Water, Sustainable Energy, and Waste Management. The company's product portfolio includes Manila Water (water distribution serving 12 million consumers), Prime Energy (operating the Malampaya Deepwater Gas-to-Power Project providing 20% of Luzon's power), Prime CoreGen (gas-fired power generation with 3,200+ MW capacity from acquired First Gen assets), Prime Solar (solar power generation), Prime Integrated Waste Solutions (waste management with 6,000 tons/day processing capacity), and Prime Energy Resources Development (exploration and development subsidiary). Major infrastructure projects include the Wawa (600 MW) and Pakil/Ahunan (1,400 MW) pumped storage hydropower projects, the Malampaya Phase 4 gas development, and the recently acquired SierraCol Energy (Colombia's largest independent oil producer at 77,000 boe/day). The company operates the Philippine NatGas Complex in Batangas integrating gas supply and power generation under a single entity, with First Gen retaining 40% interest and Tokyo Gas holding 20% of the LNG terminal.

Differentiator

Problem solved

Functional benefit

Brands

• Prime Energy: Energy subsidiary focusing on natural gas and oil operations including Malampaya gas field
• Prime CoreGen
• Manila Water
• Prime Infra Foundation

Products and services

• Manila Water (Water Distribution and Environmental Services)
• Malampaya Deepwater Gas-to-Power Project
• Prime CoreGen (Gas-Fired Power Generation)
• Wawa Pumped Storage Hydropower Project
• Pakil (Ahunan) Pumped Storage Hydropower Project
• Philippine NatGas Complex (LNG Terminal Operations)
• SierraCol Energy (Colombia Oil and Gas Operations)
• Prime Integrated Waste Solutions (Waste Management)
• Prime Solar (Solar Power Generation)
• Prime Energy Resources Development (Exploration and Production)

Quantifiable outcome

• PHP 16 billion annual earnings expected from hydropower projects by 2031
• +3 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered flagship, core, significant and minor.

• Carlyle GroupflagshipOthers · 11 March 2026Prime Infra agreed to acquire 100% of SierraCol Energy Ltd., Colombia's largest independent oil and gas E&P company, from Carlyle. The transaction gives Prime Infra control over approximately 10% of Colombia's crude output, spanning 14 producing blocks and 129 million barrels of reserves. Deal reportedly valued at around $1.5 billion.
• First Gen CorporationflagshipStrategic or Co-development Partner · 13 February 2026First Gen acquiring 40% equity interest in Prime Infra's pumped storage hydropower portfolio for PHP75 billion, covering the 600MW Wawa project in Rizal and 1,400MW Ahunan project in Laguna, totaling 2,000MW. The deal follows Prime Infra's earlier P50 billion investment in First Gen's gas assets, creating a strategic alliance between Lopez Group's First Gen and Razon-led Prime Infra.
• Manila Water Company Inc.coreStrategic or Co-development Partner · 1 January 2025Manila Water, a Prime Infra subsidiary, provides clean water access to 12 million consumers in Metro Manila. Operating as a regulated water utility under Prime Infra's portfolio.
• Tokyo GassignificantStrategic or Co-development PartnerTokyo Gas holding a 20% stake in the LNG terminal as part of the integrated gas supply chain created through Prime Infra's acquisition of First Gen's gas assets.
• Department of Public Works and Highways (DPWH)minorStrategic or Co-development PartnerPrime Infra assisting DPWH in identifying root causes of pump failures during national pumping station rehabilitation program, supporting flood mitigation efforts across Metro Manila, Northern/Central Luzon, Visayas, and Mindanao.

Scale indicators18 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• First Gen Corporation: Philippine integrated energy company with natural gas, geothermal, hydro, and solar generation. Direct counterparty and strategic ally of Prime Infra through cross-shareholdings in gas assets and pumped hydro portfolio, and a directly comparable operator in the Philippine power sector.
• Aboitiz Power Corporation: One of the largest Philippine power generation and distribution groups with hydro, geothermal, solar, and thermal capacity. Competes directly with Prime Infra in generation tenders, renewables auctions, and energy offtake markets across the Philippines.
• ACEN Corporation: Ayala-led Philippine energy platform with a rapidly expanding renewables portfolio across hydro, solar, wind, and geothermal. Competes with Prime Infra in Philippine renewable auctions and is a comparable listed Philippine energy platform building regional renewables exposure.

Broad incumbents

• Manila Electric Company (Meralco): Largest Philippine electric distribution utility and key offtake counterparty for Prime Infra's gas-fired generation. Operates the regulated distribution monopoly that connects Prime Infra's generation to end users, making it both a critical customer and a structural benchmark for Philippine power sector economics.
• San Miguel Corporation (SMC Power): Diversified Philippine conglomerate with material power generation assets, including coal and battery storage. Competes with Prime Infra in large-scale generation tenders and infrastructure concessions in the Philippines.
• Brookfield Infrastructure Partners: Global infrastructure investor and operator with utility, energy, and water assets across multiple jurisdictions. Comparable as a platform investing in long-duration infrastructure cash flows and pursuing brownfield and greenfield utility-scale opportunities, although at much larger global scale.
• Macquarie Asset Management (MIRA): Global infrastructure asset manager with extensive utility, energy, and water investments. Comparable as a long-duration infrastructure capital pool that competes with Prime Infra for mid-market and emerging-market infrastructure transactions.
• Engie SA: Global integrated energy utility with significant natural gas, renewables, and water/waste services exposure. Comparable to Prime Infra in the breadth of its energy and water portfolio, although at vastly larger scale and with European rather than Philippine footprint.

Emerging players

• CGN New Energy Holdings: Asian renewable energy operator with significant hydropower and wind capacity in emerging markets. Comparable to Prime Infra in its focus on hydropower generation as a core platform, particularly relevant given Prime Infra's 2,000 MW pumped hydro build-out.

Others

• Carlyle Group (Energy & Infrastructure): Global private equity firm that previously owned SierraCol Energy, sold to Prime Infra in 2026. As the seller of Prime Infra's largest overseas acquisition, Carlyle is a counterparty peer in the broader infrastructure M&A and private capital ecosystem in which Prime Infra now operates.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/prime-infrastructure-holdings-corporation

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Prime Infrastructure Capital