Daily TribuneThe Primelectric and Saudi Arabia company ACWA Power partnership will explore the joint undertaking of projects designed to explore renewable energy use and battery storage, the harnessing of abundant renewable resources, and power supply stabilization in Palawan and the Visayas.
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RAZON
Primelectric Holdings Inc., led by businessman Enrique K. Razon Jr., has partnered with Saudi Arabia’s ACWA Power to pursue clean energy projects that can help lower electricity costs and make power supply more reliable in Negros, Panay, and Palawan.
Primelectric president Roel Z. Castro said Monday that the two companies signed a joint study agreement to explore the use of renewable energy and battery storage in the regions.
Critical time
“This partnership comes at a critical time as our regions require more resilient, reliable, and affordable power sources. Through this collaboration, we aim to explore projects that will stabilize power supply and harness the abundant renewable resources of the Visayas and Palawan,” Castro said.
Under the agreement, Primelectric —owner of MORE Power in Iloilo, Negros Power in Central Negros, and Bohol Light — will share data and information on local power needs, while ACWA Power will take the lead in developing, funding and running the projects.
Viable projects
Once they identify projects that are viable, the companies plan to move forward with investments that could bring large-scale renewable energy and battery storage systems to the region.
“By bringing together ACWA Power’s global expertise and Primelectric’s deep understanding of the local market, we are not only fast-tracking the rollout of clean energy projects in this part of the Philippines but also driving technology transfer, and contributing to long-term economic growth and community development,” said Thomas Brostrom, chief investment and development officer of ACWA Power.
ACWA Power operates more than 100 energy and water projects in 14 countries, with a strong focus on sustainable and affordable solutions.
