Monday, June 24, 2024

Prime Infra unit gets retail license

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PRIME Infrastructure Capital Inc. (Prime Infra), the infrastructure arm of tycoon Enrique Razon, said Tuesday that its wholly owned subsidiary, PrimeRES Energy Corp., had been granted a retail electricity supplier (RES) license by the Energy Regulatory Commission (ERC).

The license will allow PrimeRES to enter into retail electricity supply agreements with large electricity end-users, which include contestable customers with an average monthly peak demand of 500 kilowatts and are participants in the retail competition and open access (RCOA) scheme.

“Prime Infra believes that PrimeRES … can help support the national government’s overall development plan to achieve energy security and resilience,” PrimeRES President and General Manager Daniel Arago said.

PrimeRES plans to source the electricity it will be selling from affiliate and non-affiliate firms, including from Prime Solar, another Prime Infra subsidiary, which generates renewable power from a 128-megawatt facility, and also from future Prime Infra development projects.

“Part of our commitment in delivering socially relevant infrastructure is providing dependable energy that is accessible and affordable to people,” Prime Infra President and CEO Guillaume Lucci said.

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“Through PrimeRES, we will be able to bring added value to our customers as they choose and negotiate their preferred retail electricity suppliers,” he added.

Prime Infra said it also planned to support the electricity needs of other companies within the Razon group — including utilities, ports, construction, hospitality and consumer services — through PrimeRES.

“Overall, we are going to implement this along with the vision to create a synergy between Prime Infra and the Razon group of companies to maximize value to our stakeholders,” Lucci said.

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