Ahunan Power Incorporated, a unit of Prime Infra Capital Incorporated, has acquired a majority stake in Olympia Violago Water and Power Incorporated (OVWPI). As a part of the deal, Ahunan Power will also acquire interest in the company’s assets including a 50 MW pumped-storage hydroelectric project in the Philippines.
OVWPI is the developer of the Wawa pumped-storage project in Rizal province and construction on the facility is scheduled to commence in 2023.
The agreed acquisition will expand the energy storage portion of Prime Infra’s renewables portfolio by 6,000 MWh per day, which is defined by a maximum continuous generation at 500 MW for 12 hours.