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  • Writer's pictureBy The Financial District

Recto Lauds Prime Infra

Finance Secretary Ralph G. Recto has commended Prime Infrastructure Capital Inc. for investing in two big-ticket storage power projects in Luzon that will provide reliable power supply for Filipinos and advance the Philippines’ climate ambition of transitioning to a clean energy future.

Trade Secretary Alfredo Pascual and Finance Secretary Ralph Recto award the Certificate for Green Lane Endorsement to Prime Infrastructure Inc. chair Enrique Razon. I Photo: Department of Finance Facebook

“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,” Secretary Recto said in his speech at the Green Lane Awarding Ceremony for Prime Infrastructure’s two storage power projects on April 2, 2024.

“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.

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“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 Ferdinand R. Marcos, Jr. on February 23, 2023, to streamline government approval and registration processes for strategic investments in the country.

Business: Business men in suite and tie in a work meeting in the office located in the financial district.

According to the BOI, obtaining green lane status expedites the issuance of permits and licenses, 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 USD 5.03 billion, the Pakil Pumped Storage Power Project being developed by Ahunan Power Inc. will have a storage capacity of 14,000 Megawatt Hours (MWh) per day and a generating output capacity of 1,400 MW.

Banking & finance: Business man in suit and tie working on his laptop and holding his mobile phone in the office located in the financial district.

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 USD 2.57 billion. The project will have a storage capacity of 6,000 MWh per day and a generating output capacity of 600 MW.

Market & economy: Market economist in suit and tie reading reports and analysing charts in the office located in the financial district.

Both projects are expected to be operational in 2030. Ahunan Power is a wholly-owned subsidiary of Prime Infrastructure Capital Inc., while the latter holds the controlling interest in OVWPI.

Secretary Recto emphasized that 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% in 2020 to 35% by 2030 and 50% by 2040.

Science & technology: Scientist using a microscope in laboratory in the financial district.

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

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