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 acquire interest in the company’s assets including a 500 MW pumped-storage hydroelectric project in the Philippines. OVWPI is in the pre-development stage of the 500 MW Wawa pumped-storage hydropower project in Rizal province. The construction of the facility is scheduled to commence in 2023. The agreed acquisition will expand the energy storage capacity 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.