ACWA Power share price often comes into focus when the Saudi energy major announces a large overseas investment. ACWA Power’s latest move in the Philippines is one such development, as the company signs a key agreement to invest up to $200 million in a large solar power project that supports the country’s clean energy goals and long-term economic growth.
Major Agreement Signed in Davos
The agreement was sealed on the sidelines of the World Economic Forum in Davos. ACWA Power signed a reservation pact with the Bases Conversion and Development Authority (BCDA), a Philippine government agency responsible for developing former military bases and strategic growth areas.
Under the deal, BCDA has agreed to reserve around 500 hectares of land in New Clark City, located in Tarlac province. The site has been identified as suitable for a utility-scale solar photovoltaic power plant, subject to further studies and regulatory approvals.
Project Scope and Next Steps
Before committing the full investment, ACWA Power will conduct detailed technical assessments, environmental studies, and site evaluations. The company will also work closely with Philippine authorities to secure all required permits and clearances.
Once these steps are completed and feasibility is confirmed, ACWA Power is expected to move forward with construction. The investment amount could reach up to $200 million, depending on final project specifications and capacity.
Solar Plant Design and Energy Impact
The planned facility will use modern solar photovoltaic panels combined with battery energy storage systems. This setup allows the plant to supply electricity more consistently, even during periods of low sunlight, while keeping generation costs competitive.
New Clark City is being developed as a sustainable business and industrial hub north of Metro Manila. Access to reliable renewable energy is seen as a major advantage for attracting factories, logistics centers, and data centers that require large and stable power supplies.
Economic Benefits for Central Luzon
The solar project is expected to create jobs during construction and operation, while also encouraging further private investment in Central Luzon. BCDA President and CEO Joshua Bingcang said the initiative supports the Philippines’ push for energy self-reliance and reduces dependence on fossil fuels.
Clean and affordable power, he noted, is essential for strengthening local industries and supporting long-term economic resilience in the region.
ACWA Power’s Global and Local Presence
ACWA Power is one of the world’s leading energy developers, with assets valued at over $114 billion and operations across 15 countries. Its global portfolio includes around 93 gigawatts of power generation capacity, along with large-scale water desalination projects.
In the Philippines, the company already has an active partnership with Meralco PowerGen on a 125-megawatt solar project in Iloilo. This new development further strengthens its presence in the country and reflects its growing focus on Southeast Asia. Such strategic expansion often draws attention from investors tracking acwa power share price movements.
Outlook and Long-Term Significance
Detailed engineering plans and permit applications are expected in the coming months, with construction starting once regulators give approval. When completed, the plant will deliver zero-emission electricity to homes and businesses, supporting national renewable energy targets.
The project also highlights strengthening ties between the Saudi and Philippine energy sectors. For ACWA Power, it reinforces a global strategy centered on sustainable growth, a factor closely watched by markets and reflected over time in ACWA Power share price trends.
