First Gen Corp. is acquiring a 40-percent equity interest in Prime Infrastructure Capital Inc.’s pumped storage hydropower portfolio for P75 billion, the companies said Friday.
The strategic partnership between the Lopez-led power generator and the Razon-led infrastructure firm aims to deliver 2,000 megawatts of energy storage capacity to the Luzon power system by December 2030.
The companies said of the total investment, P62.5 billion will directly fund construction and equity requirements for the projects. The transaction remains subject to regulatory approval and covers the 600-megawatt Wawa project in Rizal and the 1,400-megawatt Ahunan project in Laguna.
Both developments are certified as Energy Projects of National Significance and have received notices of award from the Department of Energy under the green energy auction program. The facilities are designed to provide large-scale grid balancing and system reliability to support the integration of renewable energy.
Prime Infra president and chief executive Guillaume Lucci said teaming up with a seasoned local energy player is critical to executing these multi-year developments.
“These are highly complex, multi‑year infrastructure developments that require deep technical expertise, disciplined execution, and strong alignment with national energy priorities,” Lucci said.
“We are pleased to be working hand in hand with First Gen, a trusted partner with a strong track record in power generation, to help execute these critical energy projects safely, efficiently and on schedule,” he said.
First Gen president and chief operating officer Giles Puno said the investment embodies the company’s mission to forge collaborative pathways for a decarbonized future.
“Together with our existing 132-megawatt Pantabangan-Masiway and 165-megawatt Casecnan hydroelectric power plants, the Wawa and Pakil plants will complement our portfolio, as pumped storage hydropower facilities provide grid stability and reliability, allowing for the seamless integration of renewable energy projects into the power system,” Puno said.
Construction is progressing at both sites, with major civil and underground works underway for the Wawa project and early-stage construction starting for the Pakil project. Power China serves as the engineering, procurement and construction contractor for both sites, while Toshiba and Andritz Hydro are providing electromechanical components.
The deal follows Prime Infra’s recent acquisition of a controlling stake in First Gas. Once completed, the projects are expected to enhance Philippine energy security and reduce dependence on imported fuels.
