Prime Infrastructure Capital—controlled by ports-to-casino billionaire Enrique Razon Jr—is stepping up investments in the energy sector with the proposed acquisition of Colombia’s SierraCol Energy.

Prime Infra has agreed to buy investment firm Carlyle’s stake in SierraCol Energy, Washington-based Carlyle said in a statement. Financial details weren’t disclosed. Reuters previously reported Carlyle had sought $1.5 billion for Colombia’s largest independent energy producer.

In a separate statement, Prime Infra said it signed two financing agreements, valued at 273.5 billion ($4.6 billion), to fund the construction of two pump storage and hydropower projects in the Philippines with a combined electricity generating capacity of 2 gigawatts.

The financing agreements come on the heels of Prime Infra’s sale last month of its 40% stake in the two hydropower projects to First Gen, controlled by tycoon........

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