Renewable energy developer Olympia Violago Water & Power Inc. (OVPI) has signed an agreement with the Power Construction Corp. of China for the design, procurement and construction of the proposed 500-megawatt Wawa Pumped-Storage Hydropower Project in Rizal province, Philippines.
The Wawa PSP is being developed by San Lorenzo Ruiz Builders and Developers and Equis Energy, Asia-Pacific’s largest renewable energy independent power producer.
Wawa PSP, with an expected total project cost of $1 billion, is an energy storage asset capable of delivering 500 MW of mid-merit and peak energy to the Philippine power market.
The project will greatly assist in grid management while also providing cheap and reliable peaking power, significantly contributing to the Philippine government’s push to triple renewable energy generation capacity by 2030.
The project is expected to start construction by the end of 2017, with commissioning planned for early 2022.
“The Wawa pump storage project is one of the Philippines’ most strategically important power generation assets in terms of ensuring the immediate reduction of power prices,” noted Equis Chairman David Russell.
“Since our founding in 2012, Equis Energy has completed 100 percent of the power projects on which we have commenced construction, an enviable track record we attribute to our strong commitment to building expert local management teams that understand how to engage with local stakeholders,” he added.
OVPI and SLRB chairman Oscar Violago stressed that their company was fully committed to “deliver a project of national significance, with best technology that will not only provide gainful employment for the local communities but also ensure a stable supply of energy for generations of Filipinos to come.”
PowerChina, meanwhile, was pleased to be selected as the engineering, procurement and construction contractor for the landmark project. “PowerChina, as one of the top players in the global power industry, will work together with our client to utilize the state-of-art technology and deliver a successful PSP project to Filipinos,” assured Asia-Pacific president Ji Xiaoyong.
