ADVERTISEMENT
Manila Bulletin devider Business devider Recto lauds Prime Infra's two power investments

Recto lauds Prime Infra's two power investments

Published Apr 2, 2024 07:47 am

Finance Secretary Ralph G. Recto has commended the Prime Infrastructure Capital Inc. for investing in two big-ticket storage power projects in Luzon.

Recto said these investments will help ensure a stable electricity supply for the people and contribute to the country's goal of transitioning to a sustainable, clean energy future.

“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,” Recto said in a statement.

“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.

“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,” the finance chief said.

Executive Order No. 18 Constituting Green Lanes for Strategic Investments was issued by President Marcos on Feb. 23, 2023 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 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) 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.

Both projects are expected to be operational in 2030.

Ahunan Power is a wholly-owned subsidiary of Prime Infrastructure, while the latter holds the controlling interest in OVWPI.

Recto said both projects will help accelerate the realization of the Philippines’ ambitious goal of increasing the share of renewable energy in its power generation mix from 21 percent in 2020 to 35 percent by 2030 and 50 percent by 2040.

He assured the public that the Department of Finance is committed to fostering deeper partnerships with the private sector to welcome more strategic, innovative, and sustainable projects into the country.

Related Tags

Prime Infrastructure Capital Inc. Department of Finance (DOF)
ADVERTISEMENT
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1561_widget.title }}

{{ item.title }}
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1562_widget.title }}

{{ item.title }}
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1563_widget.title }}

{{ item.title }}

{{ articles_filter_1564_widget.title }}

{{ item.title }}
.mb-article-details { position: relative; } .mb-article-details .article-body-preview, .mb-article-details .article-body-summary{ font-size: 17px; line-height: 30px; font-family: "Libre Caslon Text", serif; color: #000; } .mb-article-details .article-body-preview iframe , .mb-article-details .article-body-summary iframe{ width: 100%; margin: auto; } .read-more-background { background: linear-gradient(180deg, color(display-p3 1.000 1.000 1.000 / 0) 13.75%, color(display-p3 1.000 1.000 1.000 / 0.8) 30.79%, color(display-p3 1.000 1.000 1.000) 72.5%); position: absolute; height: 200px; width: 100%; bottom: 0; display: flex; justify-content: center; align-items: center; padding: 0; } .read-more-background a{ color: #000; } .read-more-btn { padding: 17px 45px; font-family: Inter; font-weight: 700; font-size: 18px; line-height: 16px; text-align: center; vertical-align: middle; border: 1px solid black; background-color: white; } .hidden { display: none; }
function initializeAllSwipers() { // Get all hidden inputs with cms_article_id document.querySelectorAll('[id^="cms_article_id_"]').forEach(function (input) { const cmsArticleId = input.value; const articleSelector = '#article-' + cmsArticleId + ' .body_images'; const swiperElement = document.querySelector(articleSelector); if (swiperElement && !swiperElement.classList.contains('swiper-initialized')) { new Swiper(articleSelector, { loop: true, pagination: false, navigation: { nextEl: '#article-' + cmsArticleId + ' .swiper-button-next', prevEl: '#article-' + cmsArticleId + ' .swiper-button-prev', }, }); } }); } setTimeout(initializeAllSwipers, 3000); const intersectionObserver = new IntersectionObserver( (entries) => { entries.forEach((entry) => { if (entry.isIntersecting) { const newUrl = entry.target.getAttribute("data-url"); if (newUrl) { history.pushState(null, null, newUrl); let article = entry.target; // Extract metadata const author = article.querySelector('.author-section').textContent.replace('By', '').trim(); const section = article.querySelector('.section-info ').textContent.replace(' ', ' '); const title = article.querySelector('.article-title h1').textContent; // Parse URL for Chartbeat path format const parsedUrl = new URL(newUrl, window.location.origin); const cleanUrl = parsedUrl.host + parsedUrl.pathname; // Update Chartbeat configuration if (typeof window._sf_async_config !== 'undefined') { window._sf_async_config.path = cleanUrl; window._sf_async_config.sections = section; window._sf_async_config.authors = author; } // Track virtual page view with Chartbeat if (typeof pSUPERFLY !== 'undefined' && typeof pSUPERFLY.virtualPage === 'function') { try { pSUPERFLY.virtualPage({ path: cleanUrl, title: title, sections: section, authors: author }); } catch (error) { console.error('ping error', error); } } // Optional: Update document title if (title && title !== document.title) { document.title = title; } } } }); }, { threshold: 0.1 } ); function showArticleBody(button) { const article = button.closest("article"); const summary = article.querySelector(".article-body-summary"); const body = article.querySelector(".article-body-preview"); const readMoreSection = article.querySelector(".read-more-background"); // Hide summary and read-more section summary.style.display = "none"; readMoreSection.style.display = "none"; // Show the full article body body.classList.remove("hidden"); } document.addEventListener("DOMContentLoaded", () => { let loadCount = 0; // Track how many times articles are loaded const offset = [1, 2, 3, 4, 5, 6, 7, 8, 9, 10]; // Offset values const currentUrl = window.location.pathname.substring(1); let isLoading = false; // Prevent multiple calls if (!currentUrl) { console.log("Current URL is invalid."); return; } const sentinel = document.getElementById("load-more-sentinel"); if (!sentinel) { console.log("Sentinel element not found."); return; } function isSentinelVisible() { const rect = sentinel.getBoundingClientRect(); return ( rect.top < window.innerHeight && rect.bottom >= 0 ); } function onScroll() { if (isLoading) return; if (isSentinelVisible()) { if (loadCount >= offset.length) { console.log("Maximum load attempts reached."); window.removeEventListener("scroll", onScroll); return; } isLoading = true; const currentOffset = offset[loadCount]; window.loadMoreItems().then(() => { let article = document.querySelector('#widget_1690 > div:nth-last-of-type(2) article'); intersectionObserver.observe(article) loadCount++; }).catch(error => { console.error("Error loading more items:", error); }).finally(() => { isLoading = false; }); } } window.addEventListener("scroll", onScroll); });
Join Our Newsletters

Sign up by email to receive news.

© 2025 Manila Bulletin The Nation's Leading Newspaper. All Rights Reserved.