Ultra bilyonaryo Enrique K. Razon’s takeover of Olympia Violago Water and Power Inc. (OVWPI) will fast-track the development of the 500-megawatt (MW) Wawa pumped storage hydropower (PSH) project in Rizal province, with construction targeted to start in 2023.
Ahunan Power Inc., owned by Razon’s Prime Infra, has entered into an agreement to acquire a 67 percent stake in renewable energy firm OVWPI.
“The agreement will integrate Ahunan and OVWPI’s capabilities in support of Prime Infra’s energy business objective—to respond quickly to demand through clean and renewable power,” said Guillaume Lucci, president and CEO of Prime Infra.
PSH plants store and generate electricity by moving water between two reservoirs at different elevations. Water is pumped from the lower reservoir to the upper reservoir during off-peak hours to store underutilized energy, then released from the upper reservoir to the lower reservoir to generate electricity in times of high demand.
“Ahunan’s hydropower projects are aligned with the government’s thrust to accelerate the development of renewable energy resources, and reduce heavy reliance on fossil fuels,” Lucci said.
Other renewable projects in Prime Infra’s pipeline include a 1,200 MW PSH plant in Pakil, Laguna; a solar project in Tanauan, Batangas and Maragondon, Cavite; and the Terra Solar project, a solar power facility with a capacity of 2,500MW combined with 4,000MWh battery energy storage system.