SunAsia Energy and Vietnam-based renewable energy developer VinEnergo have signed an investment agreement to develop a 422-megawatt-peak (MWp) Solar on Water portfolio across Pampanga and Negros Occidental, representing an estimated USD 406 million investment.

Announced during the “SunAsia and VinEnergo: A Celebration of ASEAN Partnership” event in Manila, the projects are targeted for commercial operations between 2027 and 2028 and are expected to be among the first large-scale pile-mounted solar-on-water developments in the Philippines.

The portfolio consists of a 126-MWp project in Sagay, Negros Occidental, a 181-MWp project in Macabebe, Pampanga, and a 115-MWp project in Silay, Negros Occidental, for a combined capacity of 422 MWp.

Unlike conventional solar farms, the projects will use “Solar on Stilts” technology, where solar panels are elevated above fishponds on concrete pile structures, allowing aquaculture activities to continue beneath and around the installations.

“The most exciting part of this partnership is the integration of aquaculture and energy production,” said SunAsia Energy President and CEO Tetchi Capellan.

“By bringing together the experience, technology, and commitment of both countries, this partnership presents a compelling case for integrated solar-aquaculture farming from both a farm productivity and energy cost perspective,” she added.

SunAsia said the projects are designed around the Food-Energy-Water Nexus, a development approach that seeks to balance food production, energy generation, and responsible resource management.

“This is not simply about generating power. It is about creating a sustainable partnership between food production, livelihood, and clean energy,” said Andrea Capellan, Vice President for Business Development at SunAsia Energy.

Once operational, the portfolio is expected to generate enough electricity to power more than 278,000 homes annually while avoiding approximately 460,888 metric tons of carbon emissions each year.

Energy Secretary Sharon S. Garin welcomed the investment, describing it as an example of how innovative renewable energy projects can maximize existing resources while supporting economic growth and sustainability.

“The development of solar on water projects embodies this vision in action. By maximizing existing resources, optimizing land use, and expanding our renewable energy portfolio, these innovative solutions demonstrate how we can pursue economic progress and environmental stewardship hand in hand,” she said.

The partnership also carries a regional dimension. Vietnam Ambassador Lai Thai Binh described the agreement as a milestone in renewable energy cooperation between Vietnam and the Philippines. “The project combines solar power with sustainable agriculture, a smart solution that supports clean energy while strengthening food security,” he said.  

Meanwhile, VinEnergo CEO Nguyen Anh Khoa said the transaction represents the company’s first overseas investment and first global acquisition partnership. “Today, it’s not only marking the partnership between SunAsia and VinEnergo, it’s actually the first global M&A transaction of VinEnergo,” he said.

Over the next 18 months, SunAsia and VinEnergo will undertake engineering and project development activities, including the selection of maritime engineers, technology providers, and contractors for the installation of nearly 700,000 solar panels and approximately 62 kilometers of transmission lines across Pampanga and Negros Occidental.

If solar-on-water projects can successfully coexist with aquaculture, could this model unlock thousands of hectares of underutilized fishponds for both clean energy generation and food production across the Philippines?

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