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

“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.

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 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 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 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.

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.

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.

Meanwhile, DTI Secretary Alfredo E. Pascual who also attended the event said, “As the Philippines strives for inclusive and equitable economic growth, the DTI remains steadfast in its ongoing efforts toward secure, sustainable, and resilient energy strategies.”

Prime Infra President & CEO Guillaume Lucci; Prime Infra Regulatory Officers Vivencio B. Dizon and Donato C. Almeda; DOF Chief-of-Staff and Undersecretary Maria Luwalhati C. Dorotan Tiuseco; DOF Undersecretary Catherine L. Fong; DTI Undersecretary Ceferino S. Rodolfo; and BOI Governor Marjorie O. Ramos-Samaniego attended the awarding ceremony.