Saudi utility giant ACWA Power has signed a deal to develop a 500-megawatt (MW) solar photovoltaic and battery energy storage system facility in the Philippines. The agreement was formalized on June 2, 2026, between ACWA Power's Philippine subsidiary and the Bases Conversion and Development Authority (BCDA), a state agency that manages former military bases.
Project Details
The project will be located in New Clark City, a master-planned smart city development situated approximately 100 kilometers north of Manila. The site spans 500 hectares within a special economic zone. According to BCDA data, the investment is estimated at a minimum of $400,000 per megawatt, with a total capacity of up to 500 MW at full build-out.
Strategic Significance
The Philippine government has been actively promoting New Clark City as a hub for artificial intelligence and advanced manufacturing. Philippine Finance Secretary Frederick D. Go stated, "This will help unlock new investments, create quality jobs for Filipinos, and foster more resilient growth for Central Luzon and the Philippines for years to come." He added that ACWA Power's decision to invest is "a strong vote of confidence in the country and the reforms being pursued under this administration."
Expansion in Southeast Asia
This project is part of the clean energy investments presented by ACWA Power to President Ferdinand Marcos Jr. last year. It marks the company's first land agreement with a Philippine government agency and is seen as a milestone in its Southeast Asia expansion. ACWA CEO Samir Serhan commented, "New Clark City reflects the kind of integrated, future-ready development that global energy investors are looking for. We see an opportunity to help power industrial growth while lowering energy costs and supporting the country's broader economic ambitions through reliable renewable energy."
