SyCip, Gorres, Velayo & Co. (SGV), the Philippines’ largest multidisciplinary professional services firm and a member firm of Ernst & Young (EY) Global, acted as exclusive M&A advisor to SunAsia Energy Inc. in connection with its strategic partnership with Vietnam-based VinEnergo for a large-scale floating solar-on-water portfolio in the Philippines, valued at $406 million.
The deal is VinEnergo’s first global investment and a breakthrough entry that represents a major stride in advancing green energy cooperation across the ASEAN region. It also highlights the increasing attractiveness of the Philippine market to foreign investors amid an improving policy environment for renewable energy and sustainable infrastructure. It will support the development of solar-on-water installations with a combined capacity of up to 422 megawatts peak in Pampanga and Negros Occidental, reinforcing the Philippines’ renewable energy pipeline and accelerating the country’s transition toward a more sustainable and resilient energy mix.
“It demonstrates the growing confidence of global investors in the Philippines as an attractive destination for renewable-energy investments,” said SGV & Co. Vice Chairman, Deputy Managing Partner, and Strategy and Transactions Leader Noel P. Rabaja. “We are proud to have supported SunAsia Energy in successfully closing VinEnergo’s maiden global investment and in advancing projects that will deliver long‑term economic and environmental value.”
SunAsia Energy is the front-runner in solar-on-water projects in the Philippines, leveraging underutilized water surfaces to address land constraints while accelerating the deployment of renewable-energy infrastructure. The partnership with VinEnergo strengthens SunAsia’s development pipeline and enhances access to global technical, engineering, and capital resources. The portfolio will utilize “solar-on-stilts” technology, an innovative solar-on-water model where the concrete pile structures above water areas will serve as the platform for solar panels. Targeted for commercial operations beginning in 2027 through 2028, the projects are expected to power around 278,000 homes and avoid approximately 460,888 tons of carbon emissions annually, equivalent to planting about 21 million trees.
“Well‑structured transactions and well-executed projects are key to unlocking capital for the country’s energy transition agenda,” Noel added. “SGV remains committed to supporting transformative transactions that help clients navigate complexity, mobilize capital, and contribute to the country’s energy security and sustainability goals.”
SGV provided end-to-end mergers-and-acquisitions advisory services, including transaction structuring, financial modeling, valuation support, and investor engagement, drawing on EY’s deep global experience in renewable energy and infrastructure transactions.
The advisory engagement was led by Noel P. Rabaja and SGV Strategy and Transactions Director William Angelo Lim, and supported by EY-Parthenon ASEAN Power and Utilities Leader Gilles Pascual, SGV Energy Sector Leader and Strategy and Transactions Partner Smith C. Lim, SGV Tax Partner Margarita D. Mallari-Abacan, EY-Parthenon Associate Partner Sonal Agarwal, SGV Strategy and Transactions Senior Director Don Angelo Padilla, and SGV Strategy and Transactions Associate Director Chip Arangali Maalihan.
