ACWA Power Secures Landmark Philippines Solar Project

Manila — Saudi energy developer ACWA Power has signed an agreement with the Philippine government to develop a 500-megawatt solar photovoltaic and battery energy storage project in New Clark City, marking the company’s first land agreement in the country.

The deal, signed with the Bases Conversion and Development Authority (BCDA), covers a 500-hectare site within a special economic zone about 100 kilometers north of Manila. The project is expected to supply renewable electricity to the rapidly growing industrial and technology hub.

BCDA estimates the investment at a minimum of $400,000 per megawatt, with total project capacity reaching up to 500 MW upon full completion.

Philippine Finance Secretary Frederick Go said the investment would help attract new businesses, create jobs and strengthen economic growth, while ACWA Power Chief Executive Samir Serhan described the project as an opportunity to support industrial expansion with reliable and lower-cost renewable energy.

The development forms part of ACWA Power’s broader expansion into Southeast Asia and follows discussions with Philippine President Ferdinand Marcos Jr. on clean energy investments.