Prime Infrastructure eyes early finish for Rizal hydro

Manila, Philippines — Prime Infrastructure Capital Inc., led by Razon, is working swiftly to finish its $2.57-billion hydropower project in Rizal ahead of schedule. Guillaume Lucci, Prime Infra's president and CEO, expressed optimism that the Wawa pumped storage hydro (PSH) facility could be completed by the first quarter of 2030.

Lucci emphasized the project's significance in enhancing energy security and facilitating the integration of additional variable renewable energy sources into the grid. He further explained that pumped storage facilities function as large rechargeable batteries, storing electricity during low demand and generating power when demand is high.

As of now, the Wawa PSH project is approximately 18% complete, with essential components already installed. Upon completion, the facility is anticipated to generate 600 megawatts of power and store 6,000 MW-hours of energy. Energy Secretary Sharon Garin highlighted projects like Wawa PSH as crucial for the Philippines' energy transition, stating that solar power alone cannot meet the country's growing needs.

In addition to Wawa, Prime Infra is developing the $5.03-billion Pakil PSH project in Laguna, also aimed for completion by 2030 with a capacity of 1,400 MW. Both projects have secured 20-year contracts under the government's third green energy auction, offering Prime Infra and its partners long-term revenue assurance. Recently, Japanese power utility Kansai Electric Power Co. Inc. acquired a 14% stake in Prime Infra's PMJVCo Holdings Inc., the parent company of the Wawa PSH project.

This marks the first overseas PSH investment by Japan's second-largest power utility, making PMJVCo an 86% stakeholder in Prime Hydropower Energy Inc., where the Lopez Group's FGEN Aqua Power Holdings Inc. holds a 33% share.