KANSAI Electric Power Co. Inc. of Japan has entered into definitive agreements to subscribe to a 14% equity interest in PMJVCo Holdings Inc., a subsidiary of infrastructure developer and operator Prime Infrastructure Capital Inc.
PMJVCo is the parent company of Olympia Violago Water & Power Inc. (OVWPI), the owner and operator of the Wawa Pumped-Storage Hydropower Project. The project involves a variable speed pumped-storage hydropower plant with a maximum generation capacity of 600 megawatts and is located in Rizal. It has been certified as an energy project of national significance by the Department of Energy.
Following the KANSAI investment, PMJVCo will be effectively owned 86% by Prime Hydropower Energy Inc., which is in turn owned 33% by FGEN Aqua Power Holdings Inc., a subsidiary of First Gen Corporation.
The project will provide up to 6,000 megawatt-hours of daily energy storage capacity, supporting grid stability and enabling greater integration of renewable energy. Commercial operation is scheduled to commence in 2030.
L-R: Arlene Soriano, First Gen head of sales and engagement; Carlo Vega, First Gen chief customer engagement officer; Rowell Recinto, Araneta Center senior management consultant; Antonio Mardo, Araneta Center SVP for operations; and John Castelo, Araneta City SVP for business development
