Scatec, a global leader in renewable energy solutions, together with its joint venture partner Aboitiz Renewables, has secured a 20-year Power Purchase Agreement (PPA) for a 68 MW floating solar project in the Philippines. The project was awarded under the Department of Energy’s Green Energy Auction Program 4 (GEA 4) and will be developed through SN Aboitiz Power (SNAP), the companies’ joint venture in which Scatec holds a 50% stake.
The new floating solar plant will be located on the Magat reservoir in Isabela province, a site that already hosts SNAP’s existing renewable energy assets, including a 388 MW impoundment hydropower facility, an 8.5 MW run-of-river hydropower plant, and a 24 MW battery energy storage system (BESS). The project showcases the potential of hybrid renewable energy systems, effectively integrating solar power with existing hydropower infrastructure to deliver more consistent and efficient clean energy generation.
Commenting on the development, Terje Pilskog, Chief Executive Officer of Scatec, said, “This award further strengthens our platform in the Philippines and highlights our capability to scale innovative, hybrid renewable energy solutions. Floating solar on hydropower reservoirs is a smart and sustainable way to add clean capacity with minimal land use and efficient grid integration.”
The Magat floating solar project will play an important role in supporting the Philippines’ clean energy goals, which aim to achieve a 35% renewable energy share by 2030 and 50% by 2040. It also aligns with Scatec’s strategic goal of expanding its solar and storage portfolio in the region. SNAP currently has 56 MW of battery energy storage under construction and an additional 80 MW in the development pipeline, further strengthening its renewable energy footprint in the country.
The project is expected to reach financial close and begin construction in 2026, with commercial operations planned for 2027. It will be developed using reliable and proven floating solar technology with a strong performance record across Southeast Asia. Additional details regarding project costs and financing will be announced upon reaching financial close.
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