POWERCHINA seals deal with OVPI for US$1b Philippine hydropower project

The proposed pumped-storage hydropower project's capacity is 500MW.

Renewable energy developer Olympia Violago Water & Power, Inc. (OVPI) has signed an agreement with the Power Construction Corporation of China (POWERCHINA) for the design, procurement and construction of the proposed 500MW Wawa Pumped-Storage Hydropower Project (Wawa PSP) in Rizal Province, the Philippines. The Wawa PSP is being developed by San Lorenzo Ruiz Builders and Developers and Equis Energy (Equis), one of Asia-Pacific's largest renewable energy independent power producers.

Wawa PSP, with an expected total project cost of US$1b, is an energy storage asset capable of delivering 500MW of mid-merit and peak energy to the Philippine power market. The project will greatly assist in grid management while also providing cheap and reliable peaking power, significantly contributing to the Philippines government's push to triple renewable energy generation capacity by 2030. The project is expected to start construction by the end of 2017 with commissioning planned for early 2022.

David Russell, Equis Chairman, said, "The Wawa pump storage project is one of the Philippines' most strategically important power generation assets in terms of ensuring the immediate reduction of power prices. Since our founding in 2012, Equis Energy has completed 100% of the power projects on which we have commenced construction, an enviable track record we attribute to our strong commitment to building expert local management teams that understand how to engage with local stakeholders."