Saudi's Acwa Power, EPI partner to develop 5,000-MW RE, gas-fired power capacity

Acwa Power Philippines – a subsidiary of Saudi Arabia’s desalination company Acwa – has signed an agreement with Nickel Asia Corp.-backed Emerging Power Inc. (EPI) to jointly explore the development of up to 5,000 megawatts (MW) of renewable energy and gas-fired generation capacity across the Philippines.

In a statement on Thursday, Nickel Asia said the JDA aims to provide renewable and gas-fired power generation at national scale, to establish an immediate pathway to bid jointly into the Philippine government’s Green Energy Auction Program (GEAP), and also to serve retail electricity suppliers and distribution utilities.

Under the JDA, EPI and Acwa will identify new power projects nationwide and co-develop projects where their strategic objectives align.

A priority near-term track for both companies is the joint participation in the GEAP, where Acwa and EPI will put forward proposals in response to the government’s call for more investments in renewable energy, according to Nickel Asia.

“The Philippines has set one of the most ambitious clean energy trajectories in Southeast Asia, and reaching it requires partners who can move at scale and at pace,” said Samir Serhan, CEO of Acwa.

“EPI brings deep local knowledge, an operating renewables base, and a credible growth plan. We bring three decades of delivering large-scale power and water assets on time and on budget. Together, 5,000 MW is a starting point, not a limit,” Serhan added.

“This joint development with Acwa Power Philippines actively accelerates the nation’s transition to a low-carbon economy,” said EPI chairman and CEO Martin Antonio Zamora.

“Together, we are building scalable, reliable, and sustainable power infrastructure that will energize Filipino communities, drive economic growth, and safeguard our generations to come,” he added. — JMA, GMA News