Kansai Electric Power Invests in Philippine Pumped Storage Hydropower Project

MANILA, Philippines — Kansai Electric Power Co. of Japan is expanding its reach beyond its home country by acquiring a 14% stake in PMJVCo Holdings Inc., the group behind a large-scale pumped storage hydropower project in Rizal province, Philippines. This marks Kansai Electric Power's first investment in a pumped storage hydropower project outside Japan. Lopez-led First Gen Corp. said Kansai Electric Power has signed definitive agreements to subscribe to the equity interest in PMJVCo. The value of the deal was not disclosed. PMJVCo is a subsidiary of tycoon Enrique Razon's Prime Infrastructure Capital Inc., which has a strong presence in renewable energy, water, and construction. Entry into PMJVCo gives Kansai Electric Power a hold of the Wawa Pumped Storage Hydropower Project, which is designed to have a maximum generation capacity of 600 megawatts (MW). Wawa was tagged as an energy project of national significance by the government, allowing its operator to enjoy faster permitting processing. This marks Kansai Electric Power’s first pumped storage hydropower project investment outside its home soil. “Kansai’s investment in the project will leverage its knowledge and expertise, and promote the development and expansion of renewable energy both in Japan and overseas, contributing to the realization of a zero-carbon society,” First Gen’s statement read. The new venture also boosts Kansai Electric Power’s total attributable generation capacity outside Japan to 2,500 MW. Once the transaction is completed, PMJVCo will be 86-percent owned by Prime Hydropower Energy Inc., in which FGEN Aqua Power Holdings Inc. holds 33 percent. Last May, First Gen president and COO Francis Giles Puno said he has high hopes for the P62-billion investments in Prime Infrastructure Capital Inc.’s hydro assets, boasting about 2,000 MW of pumped-storage hydro capacity. The deal involves the acquisition of a 33-percent stake, covering the 1,400-MW Pakil Pumped Storage Hydroelectric Power Project in Laguna and the 600-MW Wawa Pumped Storage Hydroelectric Power Project in Rizal. Clean electricity generators have been equipping their facilities with storage capacity to set aside excess power, giving them the flexibility to release it when demand peaks. INQ