Finance Secretary Ralph G. Recto lauds Prime Infrastructure Capital Inc. for its two storage power projects in Luzon, which will help advance the country’s transition to clean energy.
Department of Trade and Industry’s (DTI) Board of Investments (BOI) conferred Certificate of Endorsement for Green Lane to Prime Infra’s Wawa Pumped Storage Power Project in Rizal and Pakil Pumped Storage Power Project in Laguna.
“I thank Prime Infra, led by a true patriot and visionary–Mr. Enrique Razon, Jr.–for its commitment to building infrastructure projects that support our urgent sustainability priorities, especially in energy,” said Secretary Recto in the Green Lane Awarding Ceremony yesterday.
The Pakil Pumped Storage Power Project, which is being advanced by Ahunan Power Inc., was priced at USD 5.03 billion. With this project, 1,400 megawatts (MW) of electricity could be produced per day, along with 14,000 megawatt hours (MWh) of storage capacity.
Meanwhile, Olympia Violago Water Power, Inc. (OVWPI) is developing the Wawa Pumped Storage Power Project. The USD 2.57 billion investment would have a capacity of 6,000 MWh per day as well as a generating output capacity of 600 MW.
Both projects are expected to be in full operation by 2030.
Executive Order No. 18 Constituting Green Lanes for Strategic Investments was issued in February 2023. This was to streamline the registration process and government approval for investments in the country.
Being awarded the green lane status meant that these projects would be entitled to a more efficient issuance of permits and licenses, including resolving strategic investment issues.
BOI counted on the Green Lane privilege to reel in investors as the Philippines now welcomed foreign direct investments.
Photo courtesy of the Department of Finance (DOF)
