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Manila Bulletin devider Business devider Trade & Industry devider Saudi Arabia's ACWA Power signs $200-million Philippine solar project

Saudi Arabia's ACWA Power signs $200-million Philippine solar project

Published Jan 23, 2026 04:19 pm
Saudi Arabia-based ACWA Power is taking a major bet in the Philippine clean energy sector by investing up to $200 million in a solar photovoltaic power plant in New Clark City, according to the Bases Conversion and Development Authority (BCDA).
In a statement, the BCDA said it signed an agreement with ACWA Power for the renewable energy (RE) project on the sidelines of the World Economic Forum (WEF) in Davos, Switzerland, on Wednesday, Jan. 21.
Under the deal, the company will develop a large-scale solar project spanning approximately 500 hectares in New Clark City, Tarlac.
It will leverage advanced solar photovoltaic technology, with a potential integration of battery energy storage system (BESS), to ensure stable and cost-efficient power supply.
The project will still be subject to detailed technical studies, site validation, and applicable approvals, according to BCDA.
BCDA President and Chief Executive Officer (CEO) Joshua Bingcang said the proposed project is a low-cost solution that combines innovation with long-term value.
Bingcang said bringing clean and reliable energy solution to New Clark City further enhances its competitiveness as a sustainable destination for both business and innovation.
In addition, he said it would also serve as a strategic step toward achieving long-term energy independence in New Clark City, which is being positioned as a green metropolis.
“Together with partners such as ACWA Power, we can maximize New Clark City’s clean energy potential and show that sustainability can be a powerful driver of economic growth in Central Luzon,” said Bingcang.
Saudi-listed ACWA Power is no stranger to the Philippines, having signed a partnership with Meralco PowerGen Corp. (MGEN) last year to explore and develop RE projects, particularly solar.
Both companies are planning to develop a 125-megawatt solar facility in Iloilo, which will join the government’s green energy auction program.
ACWA Power currently manages $114.6 billion in assets across 15 countries in the Middle East, Africa, Central Asia, and Southeast Asia.
The company has a contracted capacity of 93 gigawatt (GW) of power and 9.3 million cubic meters of water per day.
With the company’s $200-million investment, BCDA will be adding another major project that will contribute to its top line.
Last year, BCDA reported that its cash revenues reached ₱14.1 billion last year, nearly 21 percent higher than the ₱11.6 billion it recorded in 2024.
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