The Philippines could add as much as 5,000 megawatts (MW) or 5 gigawatts (GW) of new power capacity as Saudi-based Acwa Power Philippines and Emerging Power Inc. (EPI), the renewable energy arm of Nickel Asia Corp., pursue renewable energy and gas-fired power projects across the country.

The two companies signed a Joint Development Agreement (JDA) to jointly explore, develop, and invest in power generation projects nationwide.

Under the agreement, Acwa Power and EPI will identify and co-develop renewable and gas-fired power projects, with initial efforts focused on upcoming Green Energy Auction Program (GEAP) auctions.

“The Philippines has set one of the most ambitious clean energy trajectories in Southeast Asia, and reaching it requires partners who can move at scale and at pace,” Acwa Power Chief Executive Officer Dr. Samir J. Serhan said.

“EPI brings deep local knowledge, an operating renewables base, and a credible growth plan. We bring three decades of delivering large-scale power and water assets on time and on budget. Together, 5,000 MW is a starting point, not a limit,” he added.

The partnership combines Acwa Power’s global expertise in developing large-scale energy infrastructure with EPI’s local renewable energy platform and market experience.

“This joint development with Acwa Power Philippines actively accelerates the nation’s transition to a low-carbon economy,” EPI Chairman and Chief Executive Officer Martin Antonio G. Zamora said.

“Together, we are building scalable, reliable, and sustainable power infrastructure that will energize Filipino communities, drive economic growth, and safeguard our generations to come,” he added.

Founded in Riyadh in 2004, Acwa Power operates across 15 countries in the Middle East, Africa, Central Asia and Southeast Asia.

The company said its portfolio has the capacity to generate 95.7 GW of power, including 52.3 GW from renewable energy sources, while also managing 9.7 million cubic meters of desalinated water per day.

The Department of Energy is fast-tracking 200 power generation projects targeted for completion by 2028. 

As of the end of the first quarter, 31 projects with a combined capacity of 1,413 MW were already operational, mostly from renewable energy technologies including solar, hydro, and biomass.

Under the Philippine Energy Plan, the country targets a 35 percent share of renewable energy by 2030 and 50 percent by 2050, but remains heavily reliant on fossil fuels to meet near-term demand.