Prime Infra investing $7.6b in hydro projects
By Alena Mae S. Flores – May 29, 2024, 8:35 pm
from manilastandard.net
Businessman Enrique Razon Jr.’s Prime Infrastructure Capital Inc. is investing a combined $7.6 billion in two pumped storage projects that recently received certificates of energy project of national significance (CEPNS) from the Department of Energy (DOE).
The two projects—the 1,400-megawatt (MW) Pakil pumped storage power project in Laguna and the 600-MW Wawa pumped storage power project in Rizal, are designed to meet energy demand by harnessing the potential of renewable energy sources to provide reliable and sustainable electricity storage.
“We thank the Department of Energy for recognizing the importance of our pumped storage projects in the nationwide agenda to achieve energy security. These are critical projects, essential to enable the energy transition and to enhance grid security through flexible energy generation,” said Prime Infra president and chief executive Guillaume Lucci.
“As we advance through the development phases of these two projects, Prime Infra remains committed to leveraging pioneering solutions that meet current energy demands and position the Philippines to effectively tackle the challenges of a dynamic energy landscape going through a critical transition,” Lucci said.
CEPNS are issued to “energy projects that are found to have significant impact on the country’s energy sufficiency, security, reliability and stability, economic development, technological progress, and environmental protection.”
It will fast-track the issuance of permits and clearances required by different concerned government agencies for energy projects.
The Wawa pumped storage power project in Rizal is being developed by Olympia Violago Water Power Inc. (OVWPI), a subsidiary of Prime Infra.
The project, with an investment amounting to $2.57 billion, will have a storage capacity of 6,000 megawatt-hours per day and a generating output capacity of 600 MW.
It aims to support ancillary energy supply and energy storage requirements of the power grid and enables the continued dispatch of variable renewable energy as it stores excess capacity when there’s an oversupply, and dispatching the same when the supply goes back down.
DOE Undersecretary Rowena Cristina Guevara visited the Wawa project site on May 24, 2024 to evaluate its progress.
Meanwhile, the Pakil pumped storage power project in Laguna by Ahunan Power, Inc., a wholly owned subsidiary of Prime Infra, will have a storage capacity of 14,000 MWh per day and a generating output capacity of 1,400 MW.
The project requires an investment of $5.03 billion and is expected to be among the largest pumped storage power plants in Asia once completed.
Both the Wawa and Pakil pumped storage projects, which also received the Green Lane endorsement from the Department of Trade and Industry and Board of Investments last month, will commence operations by 2030.
