Ahunan Power, a subsidiary of Philippine company Prime Infra, has agreed to acquire a majority stake in Olympia Violago Water and Power (OVWPI), a renewable energy company currently developing a 500 MW pumped-storage hydroelectric project located in the Rizal province near Manila, Philippines. Ahunan Power will take over the project which is expected to start construction in 2023.
The acquisition will expand the energy storage portion of Prime Infra’s renewables portfolio by 6 GWh/day. Prime Infra’s pipeline notably also includes the Terra Solar project with a power generation capacity of at least 2.5 GW and of 4 GWh of battery energy storage. Ahunan Power is already developing a 1.4 GW pumped-storage hydro facility in Pakil, Laguna, Rizal province.