First Gen Corp., controlled by the Lopez family, is acquiring a 40 percent equity stake in pumped storage hydropower portfolio Prime Infrastructure Capital Inc., part of billionaire Enrique Razon Jr.’s infrastructure venture, for P75 billion.
The transaction deepens ties between two of the country’s most influential business groups and aims to deliver 2,000 megaWatts of long duration energy storage by December 2030.
Razon built his fortune through global port operations before expanding aggressively into energy and water infrastructure. The partnership now links his capital heavy infrastructure platform with the Lopez family’s long standing presence in Philippine power generation.
Of the total consideration, P62.5 billion will directly fund construction and equity requirements of the projects. The deal, subject to regulatory approval, covers the 600MW Wawa pumped storage hydropower project in Rizal and the 1,400MW Ahunan project in Laguna. Both have been certified as Energy Projects of National Significance and secured awards under the Department of Energy’s green energy auction.
Together, the facilities will provide large scale grid balancing, system reliability and renewable energy integration for the Luzon grid as more intermittent solar and wind capacity comes online.
Prime Infra President and Chief Executive Officer Guillaume Lucci said partnering with a seasoned operator is critical for projects of this scale and complexity. “These are technically demanding developments that require disciplined execution and alignment with national energy priorities. Working with First Gen strengthens our ability to deliver safely and on schedule,” he said.
First Gen President and Chief Operating Officer Giles Puno said the investment reinforces the company’s transition toward renewables. “Pumped storage hydropower provides grid stability and reliability, allowing seamless integration of renewable energy into the system. Combined with our existing hydro assets, these projects will significantly enhance our clean energy portfolio,” he said.
Construction is progressing, with major civil and underground works underway at Wawa and early stage works started at Ahunan. Once completed, the projects are expected to bolster energy security and support a more resilient Philippine power system.
