Picazo Law, PJS Law, Milbank and Ashurst Perkins Coie have advised on Kansai Electric Power Company’s acquisition of a 14% stake in PMJVCo Holdings, the Prime Infrastructure Capital (Prime Infra) subsidiary that owns and operates the 600MW Wawa Pumped Storage Hydropower Project in Rizal, Philippines.
The investment marks Osaka-based Kansai Electric’s first foray into a pumped storage hydropower project outside Japan.
Picazo Law advised Prime Infra, with Maureen Lizarondo leading the team, who had support from senior associate Kyle Dee.
“Picazo Buyco Tan Fider Santos & Dee (Picazo Law) advised Prime Infra on local matters relating to the transaction, including the conduct of the vendor’s due diligence,” Lizarondo told Asia Business Law Journal.
She said the project was notable as it had been recognised for its significance by the Philippine government.
“The transaction, which has been certified by the Philippine government as a Project of National Significance, represents another significant milestone in Prime Infra’s continued expansion of its renewable energy portfolio,” she said.
Milbank also acted for Prime Infra, with the team consisting of James Grandolfo, head of the Hong Kong office, Andrew Whan, the Asia practice group leader of Milbank’s global corporate and M&A group, and 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.
PJS Law represented Kansai Electric on its investment, with a team comprising co-heads of the energy practice group Najha Estrella and Rowena Salonga, senior associate Jose Angelo Dalumpines II and associate Stephanie del Castillo.
Ashurst Perkins Coie also advised Kansai Electric, led by Singapore-based partner Kok Jin Ong, with support from partner Jean-Louis Neves Mandelli and associates Samantha Lim and Aimi Tran.
Milbank said the Wawa project was owned and developed by Olympia Violago Water & Power, a PMJVCo subsidiary in which Prime Infra holds the controlling stake. Under the definitive agreements, Kansai Electric will end up with an effective 12.18% indirect interest in the hydropower project.
The global law firm also said the Wawa project would employ variable-speed pumped storage technology, offering up to 6,000MWh of daily energy storage, and has been issued a Certificate of Energy Project of National Significance by the Philippines’ Department of Energy.
