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Manila Bulletin devider Business devider Trade & Industry devider Lopez-Razon alliance deepens with ₱75-billion energy storage deal

Lopez-Razon alliance deepens with ₱75-billion energy storage deal

Published Feb 13, 2026 06:03 pm
First Gen Corp. and Prime Infrastructure Capital Inc. are deepening their alliance in the local energy sector with a ₱75 billion investment into pumped storage hydropower, a move aimed at stabilizing a grid increasingly reliant on intermittent renewable sources.
The Lopez-led First Gen announced Friday, Feb 13, that it will acquire a 40 percent equity interest in two massive projects currently under development by billionaire Enrique Razon’s Prime Infra.
The deal encompasses the 600-megawatt Wawa project in Rizal province and the 1,400-megawatt Ahunan facility in Laguna. Together, the 2,000 megawatts of capacity represent one of the most significant expansions of the country’s energy storage infrastructure to date.
Construction and equity requirements for the facilities are expected to consume ₱62.5 billion of the total investment. The projects are slated for delivery by December 2030, a long-term bet on the government’s aggressive transition toward clean energy. Both assets have already secured status as Projects of National Significance and won contracts under the Department of Energy’s Green Energy Auction Program.
The partnership marked the second major collaboration between the two conglomerates following a gas-related deal in November. By joining forces, the groups are positioning themselves as the dominant players in the high-stakes transition to a low-carbon economy. Pumped storage acts as a giant battery, pumping water uphill when electricity is cheap and releasing it through turbines to generate power when demand peaks or solar and wind output drops.
The Wawa project is currently undergoing major civil and underground works, while the Laguna-based Ahunan asset—also referred to as the Pakil project—remains in the early stages of development. International expertise has been tapped for the build-out, with Power China serving as the lead contractor and Toshiba Corp. and Andritz Hydro supplying the electromechanical components.
Guillaume Lucci, president and chief executive officer of Prime Infra, described the developments as "highly complex, multi-year infrastructure" projects that require deep technical expertise. He noted that the alignment with First Gen, which has a long history in power generation, is intended to ensure the projects are executed safely and on schedule.
For First Gen, the acquisition complements an existing hydroelectric portfolio that includes the 132-megawatt Pantabangan-Masiway and 165-megawatt Casecnan plants. Giles Puno, president and chief executive officer of First Gen, said the addition of the Wawa and Pakil plants is critical to the company’s decarbonization goals and the overall reliability of the Luzon grid.
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