BCDA, Saudi’s ACWA Power seal $200-M renewable energy project in New Clark City

The Bases Conversion and Development Authority (BCDA) has inked a $200-million agreement with Saudi Arabian firm ACWA Power to develop a large-scale renewable project that will cover around 500 hectares in the New Clark City in Capas, Tarlac.

Under the deal, ACWA will build a facility that will leverage advanced solar photovoltaic technology, with possible battery energy storage integration to ensure the stable and cost-efficient power supply in the area, subject to detailed technical studies, site validation, and applicable approvals.

“Together with partners such as ACWA Power, we can maximize New Clark City’s clean energy potential and show that sustainability can be a powerful driver of economic growth in Central Luzon,” BCDA president and chief executive officer Joshua Bingcan said in a statement.

Based in Riyadh, ACWA Power currently manages $114.6 billion in assets across 15 countries in the Middle East, Africa, Central Asia, and Southeast Asia, with a contracted capacity of 93 gigawatts of power and 9.3 million cubic meters of water daily.

The agreement was signed on the sidelines of the World Economic Forum in Davos, Switzerland on January 21, 2026.

Present during the signing were BCDA’s Bingcang, along with ACWA Power chief executive officer Marco Arcelli, and Ambassador and Permanent representative to the World Trade Organization Manual A.J. Teehankee.

The BCDA reported a 20.9% increase in its cash revenues to P14.1 billion in 2025, up from P11.6 billion in 2024, and surpassing its P10-billion target driven by land dispositions, lease arrangements, concession fees, and investment-related receipts.

The agency is mandated to help strengthen the Armed Forces of the Philippines (AFP) while building cities. It also engaged in public-private partnerships to boost public infrastructure such as tollways, airports, seaports, and major real estate developments.—AOL, GMA Integrated News