The Department of Finance said Tuesday it expects the two large energy storage projects by Prime Infrastructure Capital Inc. in Luzon to boost the country’s goal of using more renewable energy for power generation.
Finance Secretary Ralph Recto said the Pakil Pumped Storage Power Project in Laguna and the Wawa Pumped Storage Power Project in Rizal of Prime Infra would help accelerate the realization of the country’s goal to increase the share of renewable energy in its power generation mix from 21 percent in 2020 to 35 percent by 2030 and 50 percent by 2040.
The Pakil Pumped Storage Power Project, with a project investment of $5.03 billion, being developed by Ahunan Power Inc. will have a storage capacity of 14,000 megawatt-hours (MWh) per day and a generating output capacity of 1,400 MW.
It is expected to be one of the largest pumped storage power plants in Asia.
Meanwhile, the Wawa Pumped Storage Power Project being developed by Olympia Violago Water Power Inc. (OVWPI) has a project investment amount of $2.57 billion.
The project will have a storage capacity of 6,000 MWh per day and a generating output capacity of 600 MW.
Both projects are expected to be operational in 2030.
“I thank Prime Infra, led by a true patriot and visionary—Mr. Enrique Razon Jr.—for its commitment to building infrastructure projects that support our urgent sustainability priorities, especially in energy,” Recto said.
“Thank you for ensuring that your investments are socially relevant, bring meaningful impact to the lives of our people, and help us achieve inclusive economic prosperity for all,” he said.
Recto also assured the public that the DOF is committed to fostering deeper partnerships with the private sector to welcome more strategic, innovative, and sustainable projects into the country.