Dennis Gaviola

Article (news)

Arthur Fuentes

ABS-CBN News

MANILA — Philippine energy giant First Gen Corp. has moved to bolster its renewable energy portfolio, announcing a P75-billion deal to acquire a 40 percent stake in Prime Infrastructure Capital’s pumped storage hydropower projects.The Lopez-led renewable energy firm said the strategic partnership aims to deliver 2,000 megawatts (MW) of critical energy storage by 2030, a move seen as vital for the stabilization of the country’s main Luzon power grid as it integrates more volatile renewable sources.The transaction covers two massive installations: the 600MW Wawa project in Rizal province and the 1,400MW Ahunan plant in Laguna. Both have been designated as &quot;Energy Projects of National Significance&quot; by the Philippine government, First Gen said.&quot;These are highly complex, multi-year infrastructure developments that require deep technical expertise,&quot; said Guillaume Lucci, President and CEO of Prime Infra. He noted that partnering with a &quot;seasoned local energy player&quot; like First Gen was essential for the safe and efficient execution of the projects.Under the agreement, P62.5 billion of the transaction value will be funneled directly into construction and equity requirements. First Gen, which already operates the Pantabangan-Masiway and Casecnan hydro plants, said the move aligns with its mission for a &quot;decarbonized and regenerative future.&quot;&quot;The Wawa and Pakil plants will complement our portfolio, as pumped storage hydropower facilities provide grid stability and reliability,&quot; First Gen President Giles Puno said in a statement.Unlike traditional dams, pumped storage acts as a giant battery, moving water between two reservoirs at different elevations to store and release power as needed.Construction is already underway at the Wawa site, with Power China serving as the lead contractor. Once completed, the facilities are expected to reduce the Philippines&#x27; dependence on imported fossil fuels and provide the flexible, dispatchable power necessary to support the nation&#x27;s green energy transition.First Gen and ABS-CBN Corp are both part of the Lopez group of companies.

The strategic partnership aims to deliver 2,000 megawatts (MW) of critical energy storage by 2030.

The strategic partnership aims to deliver 2,000 megawatts (MW) of critical energy storage by 2030.

First Gen to acquire 40 pct stake in Prime Infra hydropower portfolio

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First Gen to acquire 40 pct stake in Prime Infra hydropower portfolio

Arthur Fuentes,

ABS-CBN News

Published February 13, 2026 07:53 PM PHT

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First Gen

Prime Infra

hydropower

Wawa dam

renewable energy

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