Latest news with #PrimeInfrastructure
GMA Network
5 days ago
- Business
- GMA Network
Razon's Ahunan Power sets P80-million watershed conservation plan
Enrique Razon Jr.-led Prime Infra's renewable energy arm Ahunan Power is allocating P80 million to a watershed and forest conservation program. Composite of photos from Prime Infrastructure Renewable energy developer Ahunan Power Inc., a unit of tycoon Enrique Razon's Prime Infrastructure, on Wednesday announced it is setting aside P80 million for its Integrated Watershed Management Plan (IWMP) aimed at watershed and forest conservation, watershed protection, and water management. In a news release, Ahunan Power said the IWMP, submitted to Department of Environment and Natural Resources (DENR) Calabarzon, outlines the strategies 'to maintain an ecologically resilient, socially inclusive, and sustainably managed' Pakil River Watershed–which covers a portion of the Pasig-Marikina-Laguna de Bay River Basin–and the Malaking Ilog-Tibag watershed. The company said the watershed conservation plan was developed through extensive stakeholder consultations, meetings with the DENR provincial office and local government officials, surveys, community mapping, and other supporting activities. It said IWMP will be implemented in close collaboration with the DENR, Laguna Lake Development Authority (LLDA), and the local government units of Pakil and Paete. Ahunan Power said that its assessment found that the two subwatersheds are 'highly susceptible to rain-induced landslide and soil erosion, while the low-lying areas within the Pakil River Watershed (portion of Pasig-Marikina-Laguna de Bay River Basin) close to Laguna de Bay are susceptible to flooding.' To address these vulnerabilities, the company said its watershed management plan 'incorporates a range of strategies aimed at enhancing ecological resilience and supporting upland and community development, including reforestation, agroforestry development, nursery establishment and operation, establishment of arboretum, and watershed protection, among others.' Ahunan Power said that a multi-platform, multi-stakeholder Information, Education, and Communication (IEC) campaign will also be rolled out to raise awareness, build environmental values, and promote stewardship of natural resources, particularly forests, water bodies, and biodiversity within the watershed. 'Ahunan approaches renewable energy development with a commitment to protect and preserve the vital ecosystems surrounding the Pakil River and Malaking Ilog-Tibag watersheds to ensure a sustainable future for the communities we serve,' the company said. Ahunan Power, incorporated in 2020, is developing the 1,400-megawatt (MW) Pakil Pumped Storage Hydroelectric Power Project, in Pakil, Laguna. The project is expected to be one of the largest facilities of its kind in Asia, and will play a vital role in the national government's efforts to transition to a clean energy future, according to the company. The renewable energy firm said the project will significantly support the national government's goal of achieving a 50% renewable energy share in the power generation mix by 2040 and is estimated to help displace approximately 3.1 million tons of coal annually. With a generating capacity of 1,400MW, Ahunan Power said the Pakil project will provide electricity to approximately 2.3 million households and is expected to commence operations by 2030. 'It was given an Energy Project of National Significance certification by the Department of Energy and a Green Lane endorsement by the Department of Trade and Industry and Board of Investments,' the company said. — BM, GMA Integrated News
Forbes
30-06-2025
- Business
- Forbes
Philippine Billionaire Enrique Razon Consolidates Water Utility Assets In $671 Million Deal
The Wawa dam's reservoir will be the biggest built since 1967 to supply drinking water for Manila. Casino-to-ports billionaire Enrique Razon Jr.'s Prime Infrastructure is consolidating its water utility assets under Manila Water in a deal valued at 37.8 billion pesos ($671 million). Manila Water is buying WawaJVCo, the developer and operator of the Wawa dam in Rizal province, about 30 kilometers east of Manila, Prime Infra, the key shareholder of both companies, said in a statement. That will boost the utility's operating efficiency as it will now have access to two bulk water supply facilities, it added. 'The acquisition is financially accretive,' Manila Water, which services the eastern half of Metro Manila, said in is a separate statement, adding that this is 'strategically aligned with its long-term operational and water security objectives.' WawaJVCo has a 30-year bulk water supply agreement to supply Manila Water 518 million liters per day. Initial payment for the acquisitions will be made upon closing of the transaction on August 29, while the balance shall be paid in installments, to be agreed upon by both parties, Manila Water said. With a real-time net worth of $12.9 billion, Razon is the second-richest Philippine tycoon. Besides infrastructure, he also has controlling interests in global port operator ICTSI and Bloomberry, which owns two casino resorts in Metro Manila. Through Prime Infrastructure, Razon has been stepping up his investments in energy which includes his stake in the Malampaya gas field. Last month, it agreed to buy 60% of the gas assets of the Lopez family-backed First Gen for 50 billion pesos. In 2022, Prime Infra, which is also into power and waste management, postponed its IPO due to unfavorable market conditions.
