EKR adds power and water to business empire
Ports and gaming magnate Enrique K. Razon Jr. is dipping his fingers into power generation and water distribution as he further expands his business empire.
Razon-led Prime Metro Power Holdings Inc. has partnered with San Lorenzo Ruiz Piat Energy of businessman Oscar Violago to build hydro power plants to supply power distributors and end-users in Luzon. It will own 82 percent of the project while San Lorenzo will hold the remaining 18 percent.
The joint venture firm’s principal assets will be the area covered by the Chico hydropower service contract in Tabuk, province of Kalinga.
Prime Metro will be in charge of raising funding once it finishes the legal, commercial and financial viability of the hydro project within a period of one year
Razon has also teamed up with Violago’s San Lorenzo Ruiz Builders and Developers Group to construct water facilities along Wawa River in Rodriguez, Rizal.
San Lorenzo is the holder of a permit for 3,480 liters per second of water from Wawa River. It will contribute the water permit in exchange for an 18-percent stake in the joint venture company.
Razon is the Philippines’ third richest man with a net worth of $4.3 billion, based on the 2017 ranking by financial magazine Forbes Asia. He owns global port terminal operator International Container Terminal Services and integrated gaming resort developer Bloomberry Resorts Corp.