World news |
Azerbaijan Azerbaijan hydro project earns first international carbon credits A small hydropower initiative in Azerbaijan has generated the country’s first internationally issued carbon credits linked to renewable energy generation, according to the state utility Azerenerji. The Hydro-3 project, which covers the Mirik and Garagishlag small hydropower plants in the Lachin district, was developed through cooperation between Azerenerji and SOCAR Trading. It was registered by the Gold Standard carbon certification body on 28 May 2025, and credits were formally issued on 28 January 2026. The credits relate to emissions reductions achieved between April 2024 and August 2025 and total 10,745 carbon units. The issuance confirms measurable reductions in greenhouse- gas emissions associated with the operation of the facilities. According to Azerenerji, this represents the first set of international carbon credits generated by renewable energy projects in Azerbaijan. The company said the outcome reflects progress in implementing the national green-energy strategy and highlights international recognition of renewable potential in the Karabakh region.
Zambia
FQM and Anzana target 50MW Zambia hydro build First Quantum Minerals Ltd. (FQM) and Anzana Electric Group have announced a collaboration to develop hydropower generation projects in northern Zambia, with the aim of supplying up to 50MW of baseload capacity by 2030. The companies said the projects are intended
to support FQM’s mining operations in Zambia’s North-Western Province while contributing to grid reliability and job creation. Power generated by the planned facilities would be transmitted through a wheeling arrangement with the national utility, ZESCO Limited, reflecting ongoing changes in Zambia’s electricity market that allow greater private participation in generation. FQM operates within Zambia’s segment of the
Lobito Corridor, a regional trade and minerals transport route backed by international partners including the United States and other G7 countries. Separately, Anzana recently entered into a binding term sheet with ZESCO toward forming a joint venture to expand grid access, with the goal of connecting about two million people along the corridor to electricity by 2030. According to the companies, the proposed
hydropower sites will be located in northern parts of the country where hydrological conditions are considered less vulnerable to seasonal fluctuations, enabling more consistent output. Construction activity is expected to create roughly 300 jobs over three years, followed by more than 30 permanent operational roles. The developers said the projects are also intended to improve grid stability, reduce losses, and enable additional variable renewable energy projects to be added nearby once the plants are operational.
6 | April 2026 |
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The Philippines First Gen to take 40% stake in Prime Infra’s 2GW pumped storage portfolio First Gen Corporation has agreed to acquire a 40% equity interest in Prime Infrastructure Capital Inc.’s pumped storage hydropower (PSH) portfolio in a transaction valued at PHP75bn (US$1.34bn), marking a significant expansion of its role in long- duration energy storage in the Philippines. Of the total consideration, PHP62.5bn (US$1.12bn) will be allocated directly to construction and equity requirements for the projects. The transaction remains subject to regulatory approval. The agreement covers two developments
in Luzon: the 600MW Wawa pumped storage project in Rizal province and the 1400MW Ahunan (Pakil) pumped storage project in Laguna. Combined, the facilities will provide 2000MW of long-duration energy storage capacity intended to support grid balancing, system reliability and renewable energy integration. Both projects have been certified by the Philippine government as Energy Projects of National Significance and have received notices of award for their respective capacities under the Department of Energy’s green energy auction program. Prime Infra President and Chief Executive Officer Guillaume Lucci said the partnership reflects the technical and execution demands of the projects. “These are highly complex, multi-year infrastructure developments that require deep technical expertise, disciplined execution, and strong alignment with national energy priorities,” he said. “We are pleased to be working hand in hand with First Gen, a trusted partner with a strong track record in power generation, to help execute these critical energy projects safely, efficiently and on schedule.” First Gen President and Chief Operating Officer Giles Puno said the transaction strengthens the company’s renewable energy portfolio. “Our investment in the 2000MW Wawa and Pakil Pumped Storage Hydropower Projects expands our partnership with Prime Infra and embodies First Gen’s mission to forge collaborative pathways for a decarbonized and regenerative future, crystallising our portfolio’s shift to renewable energy. Together with our existing 132MW Pantabangan-Masiway and 165MW Casecnan hydroelectric power plants, the Wawa and Pakil plants will complement our portfolio, as pumped storage hydropower facilities provide grid stability and reliability, allowing for the seamless integration of renewable energy projects into the power system,” he said. Construction is under way on both projects. Prime Infra said major civil and underground works are progressing at the Wawa site, while early-stage construction has commenced at the Pakil development.
PowerChina is serving as EPC contractor for both schemes, with SMEC acting as Owner’s Engineer for Wawa. Toshiba will supply electromechanical equipment for the Wawa facility, while Andritz Hydro will provide
electromechanical components for the Pakil project. Prime Infra’s pumped storage portfolio is targeted for completion by December 2030. Once operational, the projects are expected to provide dispatchable capacity to support growing renewable energy penetration in the Luzon grid, while contributing to national energy security objectives and reduced dependence on imported fuels. The transaction follows Prime Infra’s recent acquisition of a controlling stake in First Gas and further deepens the companies’ strategic relationship in the Philippine power sector.
Spain
Alpiq acquires 535MW Navaleo pumped storage project in Spain Swiss energy company Alpiq has acquired the Navaleo pumped hydro storage project in Castilla y León, Spain. The project, originally developed by Spanish renewable energy company Erbienergía, is scheduled to enter commercial operation in the early 2030s. The Navaleo facility will provide 535MW
of flexible capacity to the Spanish grid with a minimum of eight hours of storage. The project uses a closed-loop design and will be built on a former mining site. In addition to energy storage, the plant will function as a water treatment facility, removing pollutants linked to previous mining activities. A 75-year water concession has been granted for the project. This is Alpiq’s first large-scale hydropower investment outside Switzerland and forms part of the company’s strategy to expand flexible energy assets across Europe. The company stated that the project will support grid stability and facilitate the integration of variable renewable energy in Spain.
“With this investment, Alpiq builds on its long- standing expertise in pumped hydro storage and reinforces its role in delivering flexible energy for Europe’s transition,” said Amédée Murisier, Head of Business Division Assets and member of Alpiq’s Executive Board.
Original developer Erbienergía will remain
a shareholder and continue to support development during the next design phase. Alpiq plans to optimise the plant configuration before starting construction. The European Commission has designated the Reversible Treatment Plant (CDR – Central Depuradora Reversible) Navaleo as a Project of Common Interest (PCI), recognising its role in strengthening European energy security. Spain has set ambitious renewable energy
targets, increasing the need for large-scale storage to manage variability from solar and wind generation.
Alpiq, which has operated in the Spanish
energy market for 25 years, said the addition of Navaleo expands its asset portfolio and strengthens its position in flexibility markets. The acquisition follows Alpiq’s recent announcement of a partnership to explore the Lac Blanc/Lac Noir pumped storage project in France
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