Acwa Power Philippines, a subsidiary of Acwa Power Company (Saudi Tadawul: 2082), the world’s largest private water desalination company, has signed a contract of lease (COL) with the Bases Conversion and Development Authority (BCDA) for a 500-hectare site within New Clark City, marking a major milestone in the Philippines’ clean energy and industrial transformation agenda.
This project is one of the key investment commitments secured by the Philippine government under the administration of President Ferdinand R. Marcos Jr., in support of the country’s sustainable economic growth and energy security objectives.
“We have worked tirelessly with our partners across government to bring this investment to fruition, and we are pleased to see those efforts finally bear fruit. Acwa Power’s decision to invest is a strong vote of confidence in the country and the reforms being pursued under this administration. This will help unlock new investments, create quality jobs for Filipinos, and foster more resilient growth for Central Luzon and the Philippines for years to come,” Finance Secretary Frederick D. Go said.
Under the lease with BCDA, Acwa Power Philippines will develop an integrated utility-scale solar photovoltaic and battery energy storage system (PV-BESS) facility. The project represents an initial investment of at least USD 400,000 per megawatt (MW), with a capacity of up to 500 MW upon full build-out, subject to final design, regulatory approvals, and future expansion phases.
For Acwa Chief Executive Officer Dr. Samir J. Serhan, the partnership translates to the growing investor confidence in the Philippines as a destination for large-scale clean infrastructure. “New Clark City reflects the kind of integrated, future-ready development that global energy investors are looking for,” he said.
“Working alongside BCDA gives this initiative both strategic clarity and long-term momentum. We see an opportunity to help power industrial growth while lowering energy costs and supporting the country’s broader economic ambitions through reliable renewable energy,” Serhan added.
The scale of the lease within an active special economic zone was itself a deliberate design decision. Salman M. Baray, Country General Manager of Acwa Philippines, said the footprint allows the company to build something genuinely integrated rather than incremental.
“We will also invest in the host communities around the site, because a project of this breadth has to work for the people who live alongside it,” Baray said.
BCDA is positioning New Clark City as a competitive hub for artificial intelligence, advanced manufacturing, and other technology-driven industries — supported by world-class digital infrastructure and, through its agreement with Acwa, a reliable foundation of clean and renewable energy tailored to the needs of high-growth, energy-intensive sectors.
BCDA President and CEO Engr. Joshua M. Bingcang expressed confidence in the collaboration, noting that aligning Acwa’s track record with BCDA’s development mandate will allow both parties to “accelerate the country’s renewable targets and attract the high-value tenants that depend on clean, dependable power.”
“Anchoring Acwa inside New Clark City is a defining moment for the estate. It tells global investors that this is where the Philippines’ next wave of sustainable infrastructure gets built,” Engr. Bingcang added.
The solar plant will serve as BCDA’s anchor power locator inside the New Clark City special economic zone, supplying clean, round-the-clock electricity to data centers, advanced manufacturing tenants, and other energy-intensive industries moving into the master-planned development.
The project directly supports the Philippine government’s goal of increasing the share of renewable energy in the national power mix to 35 percent by 2030, while reinforcing New Clark City’s ambition to become a green, smart, and resilient urban center.
The lease also marks Acwa’s first land agreement with a Philippine government agency, representing a significant milestone in the company’s Southeast Asia growth strategy and reinforcing investor confidence in the Philippines as a destination for large-scale infrastructure and renewable energy investments.
