Philippine billionaire Enrique Razon made his fortune operating ports and running casinos. His next target is the country’s nascent renewables industry.
The nation’s second-richest man is focusing on solar farms, battery facilities and water projects in an effort to attract international investors. His green push through Prime Infrastructure Holdings, which will go public later this year, is aligned with broader plans by the government to increase the use of renewable energy to 50% by 2040.
The need for more energy of any sort is urgent in the Philippines, where growth in power demand has outpaced new capacity. The Southeast Asian nation, which imports almost all of its oil requirements, is looking to spend more on fuel subsidies as a cushion against higher prices. Developing domestic renewable sources will also help the nation reduce dependence on oil and coal.