By Francis Allan L. Angelo
Finance Secretary Ralph G. Recto has lauded Prime Infrastructure Capital Inc. for its significant investment in two sizable energy storage projects in Luzon, Philippines, which are poised to enhance the nation’s electricity supply reliability and contribute to its clean energy transition goals.
In his address at the Green Lane Awarding Ceremony for the two projects on April 2, 2024, Recto extended gratitude to Prime Infra, under the leadership of Enrique Razon, Jr., for their commitment to sustainable energy projects.
“I thank Prime Infra, led by a true patriot and visionary–Mr. Enrique Razon, Jr.–for its commitment to building infrastructure projects that support our urgent sustainability priorities, especially in energy,” said Secretary Recto.
The Pakil Pumped Storage Power Project in Laguna and the Wawa Pumped Storage Power Project in Rizal, both receiving the Department of Trade and Industry’s (DTI) Board of Investments (BOI) Certificate of Endorsement for Green Lane, reflect the current administration’s focus on cleaner energy initiatives and the nation’s intent to become a renewable energy hub in Asia.
President Ferdinand R. Marcos, Jr.’s Executive Order No. 18, which established Green Lanes for Strategic Investments to expedite government approvals, has been highlighted as a pivotal move in attracting strategic foreign investments and bolstering investor confidence in the Philippines.
The Pakil project, with a USD 5.03 billion investment by Ahunan Power Inc., a Prime Infra subsidiary, is expected to have a 14,000 MWh daily storage capacity and a 1,400 MW generating capacity. It’s anticipated to be one of Asia’s most extensive pumped storage power plants.
Olympia Violago Water Power, Inc. (OVWPI), with Prime Infra’s controlling interest, is investing USD 2.57 billion in the Wawa project, which will have a 6,000 MWh daily storage capacity and a 600 MW output capacity. Both projects are slated to be operational by 2030.
These initiatives are strategic steps toward achieving the ambitious national goal of increasing renewable energy’s share in the power generation mix to 35% by 2030 and 50% by 2040, up from 21% in 2020.
Secretary Recto assures ongoing partnerships with the private sector to attract more innovative and sustainable investments.
Meanwhile, DTI Secretary Alfredo E. Pascual reaffirms the department’s commitment to secure, sustainable, and resilient energy strategies for inclusive and equitable economic growth.
The event was attended by key figures from Prime Infra, the Department of Finance, the DTI, and the BOI, signifying a strong collaborative effort between the public and private sectors in driving forward the Philippines’ climate ambitions and infrastructure development.