The Lopez-led energy producer, First Gen, has secured a 40% interest in the pumped storage hydroelectric ventures managed by Prime Infrastructure Capital. Valued at PHP75bn (roughly $1.29bn), this transaction targets the development of two major installations: the 600MW Wawa site in Rizal and the 1,400MW Ahunan facility in Laguna, ABS-CBN News reports.
This partnership is a landmark moment for the Philippines, as the nation pivots away from coal dependency to meet its ambitious climate goals. By investing in massive energy storage, these firms are providing the essential backbone needed to prevent blackouts as more wind and solar power join the grid.
Construction is currently progressing at the Wawa location under the supervision of Power China. These projects, which the government has classified as vital national infrastructure, aim to supply 2,000MW of storage capacity by 2030. Approximately PHP62.5bn of the total funds will be dedicated to building costs and equity.
By functioning as large-scale liquid batteries, these plants will enhance the reliability of the Luzon electrical network. First Gen executives noted that integrating such sophisticated storage is crucial for a carbon-neutral future. This initiative reduces the domestic reliance on expensive overseas fossil fuels while ensuring a steady electricity supply through February 16.
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