ACWA Power Philippines and Emerging Power Inc. (EPI), the renewable energy arm of Nickel Asia Corporation, have signed a Joint Development Agreement (JDA) to explore the development of up to 5,000 megawatts (MW) of renewable energy and gas-fired power projects across the Philippines.

The agreement, signed in a ceremony witnessed by Finance Secretary Frederick D. Go, establishes a framework for the two companies to identify and co-develop power projects nationwide as they seek to expand generation capacity and support the country’s growing energy needs.

Under the JDA, ACWA and EPI will jointly explore opportunities in both renewable energy and gas-fired generation. The partnership also aims to serve retail electricity suppliers and distribution utilities.

One of the companies’ immediate priorities is participation in the government’s Green Energy Auction Program (GEAP), a competitive bidding mechanism designed to accelerate investments in renewable energy projects.

A subsidiary of Saudi Arabia-based ACWA, ACWA Power Philippines brings experience in developing large-scale energy projects globally, while EPI contributes local market expertise and an existing renewable energy portfolio.

“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 Dr. Samir J. Serhan, Chief Executive Officer 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,” he added.

EPI Chairman and CEO Martin Antonio G. Zamora said the partnership supports the country’s transition toward cleaner sources of energy.

“This joint development with ACWA Power Philippines actively accelerates the nation’s transition to a low-carbon economy,” Zamora said. “Together, we are building scalable, reliable, and sustainable power infrastructure that will energize Filipino communities, drive economic growth, and safeguard our generations to come.”

ACWA Power Philippines Country General Manager Salman M. Baray said the partnership is expected to create opportunities beyond participation in GEAP.

“This is the collaboration we’ve been building toward since we established our presence here,” Baray said. “GEAP may be the obvious first test, but the real value is the longer pipeline we can shape together, including firm capacity where the grid needs it.”

The companies said the agreement comes as the Philippine power sector faces rising electricity demand driven by electrification efforts, increasing data center development, and the government’s target of raising the share of renewable energy in the country’s power mix to 35% by 2030.

ACWA currently manages a global portfolio of 109 assets in operation, under development, or under construction, with the capacity to generate 95.7 GW of power, including 52.3 GW from renewable energy sources.

As the Philippines works to expand its power supply while meeting renewable energy targets, can large-scale partnerships such as the ACWA-EPI venture help deliver the capacity needed to support future demand?

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