BDO Unibank Inc., the Philippines' largest bank, has allocated P75 billion to back the development of two significant pumped-storage hydroelectric plants in Rizal and Laguna. This investment emphasizes BDO's commitment to advancing the country's renewable energy generation targets.
The projects aim to contribute to the Philippines' goal of achieving 35 percent renewable energy generation by 2030 and 50 percent by 2040.
Details of the Pumped-Storage Projects
The financing will support the construction of the 600-megawatt Wawa facility and the 1,400-megawatt Pakil facility, which is expected to be one of Asia's largest pumped-storage power plants.
BDO has previously provided substantial financing to energy projects, including P20 billion for Olympia Violago Water & Power Inc. and P55 billion for Ahunan Power Inc.
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.
Nestor Tan, BDO Unibank President and CEO
Both facilities are projected to start operations in 2030, together generating 2,000 megawatts of reliable power for approximately 3.2 million households.
These projects will play a crucial role in managing renewable energy variability and enhancing the stability of the Luzon grid.
Grid stability is foundational to economic growth. Projects like Pakil and Wawa require long-term commitment and strong financing partners.
Guillaume Lucci, President and CEO of Prime Infra
At the peak of construction, the initiatives are expected to create about 6,000 jobs, supporting local employment and skills training.
Additionally, a portion of the electricity sales will fund community development programs, including livelihood, environmental, health, and educational initiatives.