Prime Infra lauded for its two big-ticket Luzon power projects

Prime Infra lauded for its two big-ticket Luzon power projects | Daily Tribune

Finance Secretary Ralph G. Recto is commending Prime Infra for its two major storage power projects in Luzon designed to secure reliable power supply in the country and advance the Philippines’ efforts to transition to a clean energy future.

In his speech at the Green Lane Awarding Ceremony for Prime Infrastructure’s two storage power projects on 2 April 2024, Recto said, “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.”

“Thank you for ensuring that your investments are socially relevant, bring meaningful impact to the lives of our people, and help us achieve inclusive economic prosperity for all,” he added.

The Department of Trade and Industry’s (DTI) Board of Investments (BoI) awarded its Certificate of Endorsement for Green Lane to the Pakil Pumped Storage Power Project in Laguna and the Wawa Pumped Storage Power Project in Rizal.

Green Lane

Said the Finance chief, “Today’s Green Lane Awarding Ceremony is a resounding testament to the Marcos Jr. administration’s strong determination to move faster towards a cleaner energy nation and establish the Philippines as a renewable energy investment hub in Asia.”

President Ferdinand R. Marcos Jr. on 23 February 2023 issued Executive Order 18 Constituting Green Lanes for Strategic Investments to streamline government approval and registration processes for strategic investments in the country.

According to the BoI, obtaining green lane status expedites permit and license issuance, including resolving strategic investment issues.

The Green Lane privilege increases investor confidence, effectively opening the Philippines to more foreign direct investments.

With a project investment of $5.03 billion, the Pakil Pumped Storage Power Project being developed by Prime Infrastructure Capital Inc.’s wholly-owned subsidiary Ahunan Power Inc. will have a storage capacity of 14,000 Megawatt Hour (MWh) per day and a generating output capacity of 1,400 MW.

It is expected to be one of the largest pumped storage power plants in Asia.

Meanwhile, the Wawa Pumped Storage Power Project being developed by Olympia Violago Water Power Inc. (OVWPI) in which Prime Infra has controlling interests in has a project investment amount of $2.57 billion.

The project will have a storage capacity of 6,000 MWh per day and a generating output capacity of 600 MW.