Acwa Power Philippines, a subsidiary of Saudi-listed Acwa Power Company, has signed a Contract of Lease (COL) with the Bases Conversion and Development Authority (BCDA) for a 500-hectare site within New Clark City, marking a significant step in the Philippines’ clean energy and industrial development agenda.
The project is among the key investment commitments secured under the administration of President Ferdinand R. Marcos Jr., aimed at supporting sustainable economic growth and strengthening national energy security.
Under the agreement, Acwa Power Philippines will develop an integrated utility-scale solar photovoltaic (PV) and battery energy storage system (BESS) facility. The project represents an initial investment of at least USD 400,000 per megawatt and is expected to reach up to 500 MW capacity upon full development, subject to regulatory approvals and phased expansion.
Philippine Finance Secretary Frederick D. Go said the investment will help establish the foundation for semiconductor, advanced manufacturing, and AI-driven industries in New Clark City, positioning it as a key investment destination in the region while creating long-term employment opportunities.
Acwa Power CEO Dr. Samir J Serhan said the project reflects growing investor confidence in the Philippines as a destination for large-scale clean infrastructure, highlighting New Clark City’s integrated development model and its potential to support industrial growth through reliable renewable energy.
BCDA President and CEO Engr. Joshua M. Bingcang noted that the partnership reinforces the country’s renewable energy targets and strengthens New Clark City’s positioning as a green and smart urban hub designed for high-value, technology-driven industries.
The solar and storage facility is expected to serve as an anchor power source within the special economic zone, supplying clean and reliable electricity to data centres, advanced manufacturing facilities, and other energy-intensive tenants.
The initiative supports the Philippines’ target of increasing renewable energy’s share in the national power mix to 35% by 2030, while also marking Acwa Power’s first land agreement with a Philippine government agency, strengthening its expansion strategy in Southeast Asia.
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