Olympia Violago Water & Power (OVPI) has signed an agreement with Power Construction Corporation of China (PowerChina) to design, procure and construct the 500MW Wawa pumped storage hydropower project to be located in the Rizal Province, the Philippines.
The Wawa pumped storage hydropower project is being developed by San Lorenzo Ruiz Builders and Developers (SLRB) and Equis Energy (Equis), one of Asia’s largest renewable energy independent power producer (IPP).
The project is being constructed with a total estimated cost of about $1bn and is claimed to deliver mid-merit and peak energy to the Philippines’ electricity market.
The project is expected to assist in efficient grid management while also generating cheap, reliable and clean power during peak times.
Construction of the project is scheduled to start by the end of 2017 and is expected to be commissioned in early 2022.
This project adds to the Philippines’ Government’s ambition to generate more than three times the renewable energy from the present rate by 2030.
Equis Energy chairman David Russell said: “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.
“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.”
OVPI and SLRB chairman Oscar Violago said: “OVPI will deliver a project of national significance with best technology that will not only provide gainful employment for the local communities but also will ensure a stable supply of energy for generations of Filipinos to come.”
PowerChina Asia-Pacific president Ji Xiaoyong said “POWERCHINA is excited to be selected as the EPC contractor for this landmark project.