THE Philippines' power sector is getting a boost with more independent players taking advantage of the government's bid to increase further the country's capacity to address growing demand with fast-paced developments going on in various parts of the country.
The government's move to promote renewable energy source gets the interest of big power investors, evidently with the proposed $1 billion hydropower project in Tanay, Rizal that is expected to deliver cheap power to Filipino households.
The proposed Wawa Pumped-Storage Hydropower Project (Wawa PSP) is an energy storage asset capable of delivering 500MW of mid-merit and peak energy to the Philippine power market.
The project is set to start late this year after renewable energy developer Olympia Violago Water & Power, Inc. (OVPI) already signed an agreement with the Power Construction Corporation of China (PowerChina) for the design, procurement and construction of the proposed Wawa PSP.
The project is being developed by San Lorenzo Ruiz Builders and Developers (SLRB) and Equis Energy (Equis), Asia-Pacific’s largest renewable energy Independent Power Producer (IPP).
"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,” Equis chair David Russell said in a statement.
“Since our founding in 2012, Equis Energy has completed 100% 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.
He said the project will assist in grid management, at the same time provide cheap and reliable peaking power, contributing to the Philippine government’s aim 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.
OVPI and SLRB chair Oscar Violago, in the same statement, said their company is 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, 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,” PowerChina Asia-Pacific president Ji Xiaoyong, for his part, said.