BDO Unibank, Inc. (BDO), the Philippines’ largest bank, has committed ₱75 billion (approximately US$1.29 billion) to support Prime Infrastructure Capital Inc.’s (Prime Infra) development of two major pumped storage hydroelectric power facilities in Rizal and Laguna—investments that reinforce BDO’s role as a strategic national partner in advancing critical infrastructure and support the Philippines’ push toward 35% renewable energy generation by 2030 and 50% by 2040.
The financing covers two critical energy-storage assets: the 600-MW Wawa pumped-storage facility and the 1,400‑MW Pakil pumped‑storage facility, the latter poised to become one of the largest pumped‑storage power plants in Asia.
BDO has financed ₱20 billion (approximately US$341 million) of Olympia Violago Water & Power, Inc.’s ₱64‑billion (approximately US$1.09 billion) loan facility, and ₱55 billion (approximately US$936 million), of Ahunan Power, Inc.’s ₱151‑billion (approximately US$2.57 billion) loan facility, both under 15‑year terms. The BDO Trust and Investments Group serves as facility agent and collateral trustee while BDO Capital & Investment Corp. acts as the mandated lead arranger.
“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,” said BDO Unibank President and CEO Nestor V. Tan. “Large‑scale energy storage is essential to building a stable and future‑ready energy ecosystem that enables the country’s clean‑energy transition.”
Expected to begin operations in 2030, the two facilities will provide a combined 2,000 megawatts of flexible, long‑duration energy, supplying reliable power to an estimated 3.2 million households. As large‑scale energy storage assets, the projects will deliver essential grid services, helping manage renewable energy intermittency and stabilizing the Luzon grid.
“Grid stability is foundational to economic growth,” said Guillaume Lucci, president and CEO of Prime Infra. “Projects like Pakil and Wawa require long-term commitment and strong financing partners. Working with a leading Philippine financial institution gives us confidence that we can deliver this complex infrastructure responsibly, on schedule, and aligned with the country’s energy transition.”
At peak construction, the projects are expected to generate up to 6,000 jobs, contributing to local employment and skills development. In line with Energy Regulation No. 1‑94, a portion of electricity sales will also fund livelihood initiatives, environmental programs, health services and educational investments in host communities.
BDO’s backing of these transformative projects underscores its continuing commitment to financing infrastructure that bolsters national energy and water security and supports the Philippines’ transition toward a more resilient and sustainable energy landscape.
