Saudi-listed renewable energy company Acwa Power has signed an agreement to invest around USD200 million in a large-scale solar power project in the Philippines. The agreement was finalised with the state-owned Bases Conversion and Development Authority (BCDA) on the sidelines of the World Economic Forum in Davos.
The solar project will be developed on around 500 hectares in New Clark City, located in Tarlac province on Luzon island. The facility will use advanced solar photovoltaic (PV) technology, with potential integration of battery energy storage systems to enhance grid stability and cost efficiency. Technical studies, site validation and regulatory approvals are currently pending, and the project’s installed capacity has not yet been disclosed.
BCDA, which develops former military bases through public-private partnership (PPP) frameworks, said the project supports New Clark City’s clean energy strategy and broader regional economic development. New Clark City spans 94 sq km and is positioned as a green and smart urban centre. The investment follows Acwa Power’s earlier collaboration with Meralco PowerGen Corporation to explore renewable energy projects in the Philippines and the wider ASEAN region.