FIRST Gen Corporation subsidiary FGEN Aqua Power Holdings Inc. has executed an agreement to acquire 33% equity interest in Prime Infrastructure Capital Inc.’s Prime Hydropower Energy Inc. (PHEI) for P61.875 billion. Upon completion of the transaction and PHEI’s corporate restructuring, FGEN Aqua will have a 33% stake in the 1,400-megawatt (MW) Pakil Pumped Storage Hydroelectric Power project in Laguna and a 28.71% stake in the 600-MW Wawa Pumped Storage Hydroelectric Power project in Rizal.
The projects represent 2,000 MW of long-duration energy storage capacity designed to provide large-scale grid balancing, system reliability and renewable energy integration for the Luzon power system. Both have been certified by the national government as energy projects of national significance and were issued notices of award for their respective capacities by the Department of Energy in the latter’s green energy auction.
Prime Infra emphasized that partnering with a seasoned local energy player is critical to the successful execution of the projects.
“These are highly complex, multiyear infrastructure developments that require deep technical expertise, disciplined execution and strong alignment with national energy priorities,” said Guillaume Lucci, president and chief executive officer of Prime Infra. “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.”
“Our investment in the 2,000-MW Wawa and Pakil pumped storage hydropower projects expands our partnership with Prime Infra and embodies First Gen’s mission to forge collaborative pathways for a decarbonized and regenerative future, crystallizing our portfolio’s shift to renewable energy,” First Gen president and chief operating officer Giles Puno said.
“Together with our existing 132-MW Pantabangan-Masiway and 165-MW 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.”
Construction across Prime Infra’s PSH portfolio is progressing steadily. Once completed, the projects will play a critical role in supporting the country’s growing renewable energy capacity.
