Prime Infra inks deal to acquire 67 percent stake in renewable energy developer

ABS-CBN News

Posted at Sep 09 2022 03:30 PM

MANILA — Prime Infrastructure Capital Inc on Friday said its subsidiary Ahunan Power has signed a deal to acquire a 67-percent stake in renewable energy developer Olympia Violago Water and Power Inc (OVWPI).

OVWPI is in the pre-development stage of the 500-megawatt Wawa Pumped Storage Hydropower (PSH) project in Rizal province, the Enrique Razon-led firm said in a statement.
 
The project is eyeing the start of construction in 2023, it added.

“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,” said Guillaume Lucci, President and CEO of Prime Infra.

PSH plants generate and store electricity by moving water between 2 reservoirs at different elevation. Water is pumped from the lower reservoir to the upper reservoir during off-peak hours to store underutilized energy, it is then released from the upper reservoir to the lower reservoir to generate electricity during peak hours, the company said.

Prime Infra said the deal would increase its energy storage capacity of its renewable energy portfolio by 6,000 mWh/day.
 
“Ahunan’s hydropower projects are aligned with the government’s thrust to accelerate the development of renewable energy resources, and reduce heavy reliance on fossil fuels,” Lucci said.

Prime Infra's other renewable projects on the pipeline include a solar project in Tanauan, Batangas and Maragondon, Cavite, and the Terra Solar project, which it said could be the world's largest solar project.

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