Acwa Power to invest $200m in Philippines solar project

Acwa Power is investing $200 million to build a large-scale solar energy plant in the Philippines.

The Saudi-listed renewables company finalised the agreement with the Philippine government-owned Bases Conversion and Development Authority (BCDA) on the sidelines of the World Economic Forum in Davos last week.

The project will cover 500 hectares in New Clark City, Tarlac province, on Luzon island. It will provide clean and affordable energy, BCDA said in a statement. It added that the facility will leverage advanced solar PV technology, with possible battery energy storage integration, to ensure a stable and cost-efficient power supply. 

Technical studies, site validation and applicable approvals are yet to be gained for the project to proceed. No details were given on the capacity generation.

“Together with partners such as Acwa Power, we can maximise New Clark City’s clean energy potential and show that sustainability can be a powerful driver of economic growth in Central Luzon,”  BCDA president and CEO Joshua M. Bingcan said.

BCDA turns former military bases into economic centres through public-private partnerships, the company says on its website. 

New Clark City is a 94 square kilometre metropolis under BCDA’s management.

In June Acwa Power and Manila-based Meralco PowerGen Corporation signed an agreement to explore and develop renewable energy projects in the Philippines and the broader Asean region.

This month Egypt’s finance minister Ahmed Kouchouk said that Acwa Power has submitted bids for three large-scale seawater desalination projects in Egypt under its PPP initiative. 

Shares of Acwa Power, which is 44 percent owned by the Public Investment Fund, rose 1.2 percent to close at SAR181.90 on Sunday.

Further reading:

• Acwa Power gets $6bn loan for seven renewable projects
• Turkey in talks with Acwa Power on 5GW solar projects
• Acwa Power bolsters clean energy portfolio