Milbank LLP advised Prime Infrastructure Capital, Inc. (“Prime Infra”) on bringing Kansai Electric Power Co. (“Kansai Electric”) in as a strategic investor in the 600 MW Wawa pumped storage hydropower project in Rizal, the Philippines (the “Wawa Project”), through Kansai Electric’s subscription for a 14% equity stake in PMJVCo Holdings Inc., Prime Infra’s subsidiary behind the project.
The Wawa Project is owned and developed by Olympia Violago Water & Power Inc., a subsidiary of PMJVCo, in which Prime Infra holds the controlling interest. Under the definitive agreements, Kansai Electric will hold an effective 12.18% indirect interest in the project company, marking the Osaka-based utility’s first investment in an overseas pumped storage hydropower project. The Wawa Project will use variable-speed pumped storage technology providing up to 6,000 MWh of daily energy storage capacity and has received a Certificate of Energy Project of National Significance from the Philippine Department of Energy.
Prime Infra is a leading infrastructure developer and operator focused on building and operating assets that support critical infrastructure priorities, including dependable energy supply, clean water access and modern waste management.
“Prime Infra has brought in a strategic partner of real operational depth for one of the Philippines’ most technically complex energy projects,” said James Grandolfo, Hong Kong managing partner. “This transaction reflects the strength of Prime Infra’s pumped storage platform and its central role in strengthening the country’s energy security.”
Milbank recently advised Prime Infra on its acquisition of a 60% stake in the gas power plant assets and LNG terminal of First Gen Corporation and on its acquisition of SierraCol Energy Limited from The Carlyle Group.
The Milbank deal team was led by Hong Kong-based partners James Grandolfo and Andrew Whan, with associates Ari Singzon, Ben Hewett and Brian Ho.
Additional support was provided by Executive Compensation partner Mike Shah, special counsel Dustin Stark and associate Hannah Reichelscheimer.
