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.