Olympia Violago Water and Power Inc.

Prime Infra has sealed two financing agreements totaling Php273.47 billion, the largest to be executed in 2025, to support the development of its pumped storage portfolio with a combined 2-gigawatt capacity.

First Gen Corporation is acquiring a 40% equity interest in Prime Infrastructure Capital Inc.’s pumped storage hydropower (PSH) portfolio for a transaction value of PHP75 billion, strengthening a strategic partnership aimed at delivering by December 2030 some of the Philippines’ most technically complex and critical energy infrastructure projects. Of this amount, PHP62.5 billion will be used to directly fund construction and the equity requirements of the projects.

In recognition of their social development initiatives, Prime Infra-led subsidiaries Ahunan Power, Inc. and Olympia Violago Water and Power Inc. (OVWPI) received two prestigious Bantayog ng Lawa Awards from the Laguna Lake Development Authority (LLDA) on October 10.

Pumped storage projects are integral to the country’s energy transition strategy and drivers of development in host communities, an official of the Department of Energy – Renewable Energy Management Bureau (DOE-REMB) said.

Prime Infra’s 2-gigawatt (GW) pumped storage hydroelectric power projects were announced as potential winning bidders in the third Green Energy Auction (GEA), a key government program aimed at attracting more renewable investments in accelerating the country’s transition to cleaner energy. 

Prime Infra recently signed an agreement with Mace, a global company of delivery consultants and construction experts, to establish a project management office (PMO) for the 600-megawatt (MW) Wawa and 1,400MW Pakil pumped storage hydroelectric power projects.

Two of Prime Infra’s pumped storage projects recently received “Certificates of Energy Project of National Significance” (CEPNS) from the Department of Energy (DOE).