First Gen seeks to close P75-B hydro deal in ’26
First Gen Corp., a Lopez-led renewable producer, hopes to close its P75-billion hydro deal with Prime Infrastructure Capital, Inc. this 2026, as it awaits the clearance from regulators.
It was only last week when First Gen disclosed its move to acquire a 40-percent stake in the hydropower portfolio of the Razon-backed firm.
This covers the 600-megawatt (MW) Wawa pumped storage hydropower (PSH) project in Rizal and the 1,400-MW Ahunan PSH project in Laguna—which has been tagged as energy projects of national significance.
Both parties, which are major power players in the local market, will need to secure approval from the country’s competition watchdog, the Philippine Competition Commission.
“Closing of the transaction is expected to occur within the year,” First Gen told the local bourse.
First Gen earlier said P62.5 billion of the transaction value would finance the construction and the equity requirements of the projects.
Once construction works are completed, the company said the two projects would boast about 2,000 MW of power storage capacity “designed to provide large‑scale grid balancing, system reliability and renewable energy integration for the Luzon power system.”
“Together with our existing 132-MW Pantabangan-Masiway and 165-MW Casecnan hydroelectric power plants, the Wawa and Pakil plants will complement our portfolio, as pumped storage hydropower facilities provide grid stability and reliability, allowing for the seamless integration of renewable energy projects into the power system,” First Gen president and COO Giles Puno said in a previous statement.
This new collaboration followed almost a year after Prime Infra acquired a majority stake in First Gen’s gas business for P50 billion.
Prime Infra has operations in water, energy and waste management. Its key assets include Manila Water and Prime Energy.
