The Razon Group further expanded its energy portfolio after acquiring a majority stake in Olympia Violago Water and Power Inc. (OVWPI) through Prime Infrastructure Capital, Inc.’s Ahunan Power Inc.
Prime Infra did not disclose the amount involved in the deal but said it took over 67 percent stake in OVWPI which is developing the 500 megawatts (MW) Wawa pumped storage hydropower project in Rizal province that will start construction by next year.
“The agreement will integrate Ahunan and OVWPI’s capabilities in support of Prime Infra’s energy business objective to respond quickly to demand through clean and renewable power,” said Guillaume Lucci, Prime Infra president and chief executive officer, in a statement last Friday.
Lucci said the investment in hydro power projects is also aligned with the government’s thrust to accelerate the development of renewable energy resources and reduce heavy reliance on imported fossil fuels.
The agreement increases the energy storage capacity of Prime Infra’s renewable energy portfolio by 6,000 megawatt hours (MWh) per day, equivalent to a maximum continuous generation at 500 MW for 12 hours.
Prime Infra said pumped storage hydro projects operate when water is pumped from a lower reservoir to the upper reservoir during off-peak hours to store underutilized energy which will then be released from the upper reservoir to the lower reservoir to generate electricity in times of high demand.
Other renewable projects currently pursued by Prime Infra include another 1,200 MW pumped hydro project plant in Pakil, Laguna; a solar project in Tanauan, Batangas and Maragondon, Cavite with a capacity that is still to be decided; as well as the Terra Solar project, in partnership with Solar Philippines for a solar power facility with a 2,500 MW minimum combined capacity with a 4,000 MWh minimum battery energy storage capacity.
