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Keisha Ta-Asan - The Philippine Star
March 15, 2026 | 12:00am
The Philippines’ largest bank said the financing would help fund the 600-megawatt Wawa pumped-storage facility in Rizal and the 1,400-MW Pakil pumped-storage facility in Laguna, which together will provide 2,000 MW of flexible long-duration energy storage.
STAR / File
MANILA, Philippines — Sy-led BDO Unibank Inc. has committed P75 billion to support the development of two large pumped-storage hydroelectric power projects of Prime Infrastructure Capital Inc., a move seen to strengthen energy storage capacity and support the country’s renewable energy transition.
The Philippines’ largest bank said the financing would help fund the 600-megawatt Wawa pumped-storage facility in Rizal and the 1,400-MW Pakil pumped-storage facility in Laguna, which together will provide 2,000 MW of flexible long-duration energy storage.
The Pakil project is poised to become one of the largest pumped-storage power plants in Asia.
BDO said the investments support the country’s push to increase renewable energy’s share in the power generation mix to 35 percent by 2030 and 50 percent by 2040.
The listed bank is financing P20 billion of Olympia Violago Water & Power Inc.’s P64-billion loan facility and P55 billion of Ahunan Power Inc.’s P151-billion loan facility, both with 15-year terms.
BDO Trust and Investments Group serves as the facility agent and collateral trustee, while BDO Capital & Investment Corp. acts as the mandated lead arranger for the financing.
“Our support for the Pakil and Wawa pumped-storage facilities reflects BDO’s commitment to strengthening the Philippine power system and creating long-term sustainable value,” BDO president and CEO Nestor Tan said.
“Large-scale energy storage is essential to building a stable and future-ready energy ecosystem that enables the country’s clean-energy transition,” Tan added.
The two facilities are expected to begin operations by 2030 and supply reliable electricity to an estimated 3.2 million households.
Prime Infra president and CEO Guillaume Lucci said long-term financing partnerships are critical for complex infrastructure projects like pumped-storage facilities.
