VinEnergo and SunAsia Energy Inc. are teaming up to develop three large renewable energy projects in the Philippines using solar panels installed above water areas that can still support aquaculture.

The companies said the projects will have a combined installed capacity of 422 megawatts peak and are targeted to start operations between 2027 and 2028.

The sites are in Macabebe, Pampanga, with 181 MWp, Sagay in Negros Occidental with 126 MWp, and Silay, also in Negros Occidental, with 115 MWp.

The partnership brings together VinEnergo, a member of Vingroup’s green ecosystem, and SunAsia Energy, a Philippine renewable energy developer with experience in solar and floating solar projects.

Once completed, the three projects are expected to supply electricity to about 278,000 households. The companies said the projects could also cut carbon emissions by more than 460,000 tons a year, roughly equal to planting about 21 million trees.

VinEnergo and SunAsia will spend the next 18 months on engineering design and project implementation. The work will include choosing engineers, technology providers and contractors for the installation of nearly 700,000 solar panels on pile-supported structures.

The plan also includes about 62 kilometers of new transmission lines across Negros and Pampanga.

The projects will use what the companies call the Solar on Stilts model. Under this system, solar panels are mounted above the water surface on pile structures.

This allows power generation to continue while fishponds and other aquaculture activities remain in use below.

The companies said the model fits the Philippines because of its mix of water resources, fisheries and rising power demand.

It also supports VinEnergo’s Food-Energy-Water approach, which looks at ways to use land and water resources for both food production and energy generation.

VinEnergo chief executive officer Nguyen Anh Khoa said the partnership supports the company’s regional growth plans and allows it to share Vietnam’s experience in renewable energy projects that also protect local livelihoods.

SunAsia Energy chief executive officer and chairperson Tetchi Capellan said the partnership aims to improve energy security while creating a structure where food production and clean energy generation can operate together.

ING acted as exclusive mergers and acquisitions adviser to VinEnergo, while SGV & Co. advised SunAsia.

The companies said the projects are expected to generate lifetime revenues of more than $1.5 billion. They also said the portfolio will support job creation, infrastructure investment and the country’s energy security efforts.