Ahunan Power, a subsidiary led by Prime Infra, signs a new agreement in renewable energy. The agreement provides for a majority stake in renewable energy developer Olympia Violago Water and Power (OVWPI).
Meeting demand with renewable energy
Prime Infra intends to support its clients in their decarbonization objectives. Its subsidiary, Ahunan, is now a majority shareholder in the developer OVWPI. Guillaume Lucci, CEO of Prime Infra, sees this as an ecological way to meet demand:
“The agreement will integrate Ahunan’s and OVWPI’s capabilities in support of Prime Infra’s energy business objective – to quickly meet demand with clean, renewable energy.”
An opportunity for the company to link the commercial and energy objectives of its customers.
A hydroelectric power plant project
The developer OVWPI, in which Prime Infra is involved, is currently in the pre-development phase of the project. A 500 MW Pumped Storage Hydroelectric (PSH) project in Rizal province, scheduled to begin in 2023.
Pumped storage hydroelectric plants have the particularity of responding to fluctuations in electricity demand. In fact, electricity is produced by moving water between two reservoirs located at different altitudes. This technology allows energy to be stored during off-peak hours.
For Guillaume Lucci, this technology meets the government’s expectations in terms of energy transition:
“Ahunan’s hydroelectric projects are consistent with the government’s commitment to accelerate the development of renewable energy resources and reduce dependence on fossil fuels.”
The agreement increases the energy storage capacity of Prime Infra’s renewable energy portfolio by 6,000 MWh/day.
