Prime Infra energy security is driving the Filipino infrastructure firm to expand abroad after a Gulf oil crisis exposed the Philippines’ dependence on imported fuel, chief executive Guillaume Lucci has told Fortune.
The Philippines declared a nationwide energy emergency on 24 March after the US-Iran war shuttered the Strait of Hormuz. The country imports 98% of its oil from the Gulf and had just 45 days of buffer supply at one point during the crisis. President Ferdinand Marcos Jr. said the emergency would remain in effect for a year.
Lucci, an engineer by training who founded Prime Infra in 2017 alongside Filipino billionaire Enrique Razon Jr., said the crisis vindicated his firm’s diversified strategy. ‘What we need is more energy of all sorts, not only more renewable energy,’ he said. ‘We don’t see energy reliability and affordability as being decoupled from decarbonization, but for now, we need a bit of everything.’
Prime Infra energy security tested by natural disasters and red tape
The firm’s portfolio spans the Malampaya gas field, the Wawa hydropower dam in Luzon and a waste-to-energy business still under development. The Wawa dam was built between 2021 and 2025 at a cost of 26.5 billion Philippine pesos, or roughly $500 million. It only began operations late last year.
Lucci said the dam captured over 99% of rainfall during last November’s Typhoon Uwan, protecting communities downstream. It also supplies clean water to Metro Manila residents and functions as a pumped-storage hydropower facility.
Building in the Philippines brings persistent obstacles. Lucci cited heavy bureaucracy, complications around indigenous land rights and vulnerability to natural disasters. ‘When you build with climate resilience in mind, you find yourself in a situation where you’re designing for extremes rather than averages, and that actually makes infrastructure more expensive,’ he said.
The firm’s water and waste operations address equally pressing needs. According to international non-profit Water.org, 59 million Filipinos, or 51% of the population, lack access to safe drinking water, while 37% cannot access clean toilets.
Colombia acquisition marks Prime Infra’s first overseas move
In March, Prime Infra made its first overseas acquisition, buying SierraCol Energy, Colombia’s largest privately-owned oil and gas producer, from Washington-based private equity firm Carlyle. The transaction value was not disclosed, though Reuters reported Carlyle had been seeking $1.5 billion for the business.
SierraCol produces approximately 77,000 barrels of oil equivalent per day, accounting for roughly 10% of Colombia’s total national output, according to Leaders League. Its asset base includes two giant fields, Caño Limón and La Cira Infantas, according to Carlyle.
Lucci said the expansion followed a deliberate timeline. ‘The first six to seven years were really about winning at home, and making sure that we were operating at a standard which allows us to compete internationally,’ he said. ‘Once we reached that turning point, we started looking outwards.’
He declined to name specific target markets but said he has a soft spot for Africa. ‘I would say Africa has plenty of opportunities,’ he said, pointing to Morocco’s growth in renewable energy and natural resources during his childhood there.
On waste-to-energy, Lucci said the pipeline he envisioned has yet to become reality. Material recovery and waste treatment facilities are already operating, but the infrastructure to convert waste into power has still to be built. ‘We are ready to execute, but need a contract to finance it,’ he said. Oil major BP invested $10 million in WasteFuel Global, a sustainable fuels company backed by Prime Infra, in 2023.
Prime Infra will turn ten years old next February, Lucci noted. ‘We’re striving for a good balance of strategic acquisitions and greenfield projects,’ he said. ‘After all, the latter has been the defining trait of the business from the very beginning.’
