Prime Infra buys majority stake in 500 MW pump-storage hydroelectric power plant in Philippines
Ahunan Power Inc., a subsidiary of Prime Infrastructure Holdings, has agreed to purchase a majority stake in Olympia Violago Water and Power Inc. (OVWPI), the developer of the 500 MW Wawa Pumped Storage Hydropower Project in Rizal province, Philippines.
OVWPI is in the pre-development phase of the plant. The agreement increases Prime Infra's renewable energy portfolio's energy storage capacity by 6,000 MWh/day, which corresponds to a maximum continuous generation of 500 MW for 12 hours.
Guillaume Lucci, President and CEO of Prime Infra, said: "The agreement will integrate Ahunan and OVWPI’s capabilities in support of Prime Infra’s energy business objective to respond quickly to demand through clean and renewable power."
The project was estimated to cost around US$1 billion and its construction is scheduled to begin in 2023.
Country news
-
-
June 02, 2022
Aboitiz Power selects EPC contractor for 159 MW solar projects in Philippines
Hansei Corporation and Sumec have been selected to deliver the engineering, procurement, and construction (EPC) contract for the development of the 159 MWp solar photovoltaic projects in the Ilocos region of the Philippines.
Read more -
April 29, 2022
SMC Global to build 600 MW LNG project in Philippines
SMC Global Power Holdings, the power arm of San Miguel Corporation (SMC), has announced to build a 600 MW liquefied natural gas (LNG) project located in Lapu-Lapu City.
Read more -
November 09, 2021
Construction works start at 283 MW solar project in Philippines
AC Energy Corp, a unit of Ayala Corporation, has started the construction of its 283 MW solar photovoltaic project in the municipality of San Marcelino in Zambales, Philippines.
Read more -
February 12, 2020
975 MW of solar and wind planned in the Philippines
The Aboitiz Power Corporation (AboitizPower) in the Philippines plans to construct close to 1000 megawatt (MW) solar and wind energy facilities in the Philippine province of Pangasinan.
Read more -
October 25, 2018
Tender launched for US$2 billion LNG project in the Philippines
The Philippine National Oil Company (PNOC) is seeking a joint-venture partner to design, build, finance, operate and maintain a liquefied natural gas (LNG) hub in Batangas Bay, located in Batangas province on the Luzon island of the Philippines. The project could cost up to US$2 billion.
Read more
