FIRST Gen Corp. on Friday said it would be acquiring a 40-percent stake in Prime Infrastructure Capital Inc.’s (Prime Infra) pumped storage hydropower portfolio for P75 billion.
The assets involved are Prime Infra’s 600-megawatt (MW) Wawa pumped storage hydropower project in Rizal province and 1,400-MW Ahunan pumped storage hydropower project in Pakil, Laguna.
Of the purchase price, P62.50 billion will be used to directly fund construction and the equity requirements of the projects, First Gen said in a statement.
The projects represent 2,000 MW of long‑duration energy storage capacity and both have been certified by the government as energy projects of national significance, the company added.
First Gen said that construction across Prime Infra’s pumped storage hydropower portfolio was progressing steadily, with major civil and underground works for the Wawa project well under way and early stage construction of the Pakil project having started.
It added that these milestones reflect the projects’ transition from development into full execution, underscoring the importance of strong partnerships in managing scale, complexity and delivery risk.
Power China is the EPC contractor for both projects with Toshiba and Andritz Hydro providing the electromechanical components.
“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,” First Gen President and COO 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,” he added.
First Gen’s share price went down by P0.14 to P19.10 on Friday.