First Gen to acquire 40% of Prime Infra hydro portfolio for PHP75b

Power China is serving as the engineering, procurement, and construction contractor for both projects.

First Gen will acquire a 40% equity interest in Prime Infrastructure Capital Inc.’s pumped storage hydropower portfolio for Php75b.

The investment covers the 600MW Wawa project in Rizal and the 1,400MW Ahunan project in Laguna, representing 2,000MW of long-duration energy storage capacity designed to support grid balancing, system reliability, and renewable energy integration in Luzon.

Of the total consideration, Php62.5b will directly fund construction and equity requirements, with delivery targeted by December 2030, subject to regulatory approval.

Both projects have been certified as Energy Projects of National Significance and were awarded capacities under the Department of Energy’s green energy auction programme.

Construction is underway, with major civil and underground works progressing at Wawa and early-stage construction having commenced at Pakil.

Power China is serving as the engineering, procurement, and construction contractor for both projects, with Toshiba and Andritz Hydro supplying electromechanical components for Wawa and Pakil, respectively.

The partnership follows Prime Infra’s recent acquisition of a controlling stake in First Gas and aligns with national goals to strengthen energy security and reduce reliance on imported fuels.