Lopez-led First Gen Corporation is acquiring a 40 percent equity interest in Prime Infrastructure Capital Inc.’s pumped storage hydropower (PSH) portfolio for a transaction value of PHP75 billion, strengthening a strategic partnership aimed at delivering by December 2030 some of the Philippines’ most technically complex and critical energy infrastructure projects.
In a statement, First Gen said that of this amount, PHP62.5 billion will be used to directly fund construction and the equity requirements of the projects.
The transaction, which is subject to regulatory approval, covers Prime Infra’s 600MW Wawa PSH project in Rizal province and 1,400MW Ahunan PSH project in Laguna.
Together, these projects represent 2,000 MW of long-duration energy storage capacity, designed to provide large-scale grid balancing, system reliability, and renewable energy integration for the Luzon power system.
Both have been certified by the national government as Energy Projects of National Significance and were issued notices of award for their respective capacities by the Philippine Department of Energy in the latter’s green energy auction.
Prime Infra emphasized that partnering with a seasoned local energy player is critical to the successful execution of these projects. “These are highly complex, multi-year infrastructure developments that require deep technical expertise, disciplined execution, and strong alignment with national energy priorities,” said Guillaume Lucci, President and Chief Executive Officer of Prime Infra.
“We are pleased to be working hand in hand with First Gen, a trusted partner with a strong track record in power generation, to help execute these critical energy projects safely, efficiently and on schedule.”
“Our investment in the 2000MW 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, crystallizing our portfolio’s shift to renewable energy.
Together with our existing 132MW Pantabangan Masiway and 165MW Casecnan hydroelectric power plants, the Wawa and Pakil plants will complement our portfolio, as pumped storage hydropower facilities provide grid stability and reliability, allowing for the seamless integration of renewable energy projects into the power system.” First Gen President and Chief Operating Officer Giles Puno said.
Construction across Prime Infra’s pumped storage hydropower portfolio is progressing steadily, with major civil and underground works for the Wawa PHS project well underway and early-stage construction of the Pakil PHS project having commenced.
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 for the Wawa PHS and Pakil PHS, respectively.
Once completed, these projects will play a critical role in supporting the country’s growing renewable energy capacity by providing flexible, dispatchable power and system stability. The partnership between Prime Infra and First Gen follows the recent acquisition by Prime Infra of a controlling stake into First Gas and aligns with national goals of enhancing energy security, reducing dependence on imported fuels, and enabling a more resilient and sustainable Philippine power system.
