A Japanese electric utility has acquired a minority stake in the 600‑megawatt Wawa Pumped Storage Hydroelectric Power Project in Rizal, joining Prime Infrastructure Capital and First Gen Corp. in the development of the $2.57‑billion facility.
The definitive agreement grants Kansai Electric a 14% interest in PMJVCo Holdings, a subsidiary of Prime Hydropower Energy. Following the transaction, PMJVCo will be 86% owned by Prime Hydropower Energy, which itself holds a 33% stake in First Gen Aqua Power Holdings. This structure gives Kansai an indirect 12.18% interest in Olympia Violago Water & Power, the company responsible for building the project.
The Wawa Pumped Storage Hydroelectric Power Project will supply 600 MW of generation capacity and store 6,000 MWh of energy per day, with operations expected to begin by 2030. It has been designated an Energy Project of National Significance by the Department of Energy.
Kansai Electric operates across nuclear, thermal, hydropower, and renewable sectors, and this investment marks its first pumped‑storage venture outside Japan.
The company emphasized that its participation will bring expertise to the project and support the expansion of renewable energy toward a zero‑carbon future.
Juan Paolo E. Colet, managing director at China Bank Capital, described the investment as a strong vote of confidence in the Wawa project, noting Kansai’s experience with large pumped‑storage facilities.
Toby Allan C. Arce, head of sales trading at Globalinks Securities and Stocks, said the involvement of a globally recognized utility enhances the project’s financial credibility and signals rigorous commercial and technical evaluation to lenders and investors.
