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Acwa Power Philippines signed a contract of lease with the Bases Conversion and Development Authority for a 500-hectare site in New Clark City
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The project is an integrated utility-scale solar photovoltaic and battery energy storage system with capacity of up to 500 MW upon full build-out
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Initial investment is at least $400,000 per megawatt, implying a minimum commitment of around $200 million at full capacity
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The solar facility will serve as the anchor power locator inside New Clark City’s special economic zone, supplying clean, round-the-clock power to data centers and advanced manufacturing tenants
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This marks Acwa Power’s first land deal with a Philippine government agency and a key milestone in its Southeast Asia expansion
Saudi Arabia-based Acwa Power Company’s Philippine subsidiary has signed a contract of lease with the Bases Conversion and Development Authority (BCDAs) for a 500-hectare site inside New Clark City, committing to develop a utility-scale solar photovoltaic and battery energy storage facility with a capacity of up to 500 megawatts.
The project has an initial investment floor of at least $400,000 per megawatt and marks the company’s first land agreement with a Philippine government agency as well as a key milestone in its Southeast Asia expansion.
The deal, announced as one of the priority investment commitments secured under the Marcos Jr. administration, is intended to supply clean, round-the-clock electricity to data centers, advanced manufacturers, and other energy-intensive industries settling into the master-planned development north of Manila.
Finance secretary Frederick Go, in a statement released by BCDA, said the contract signing validates the administration’s economic reform agenda.
“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,” Go said.
BCDA has been marketing New Clark City in Tarlac as a competitive hub for artificial intelligence, advanced manufacturing, and technology-driven industries backed by world-class digital infrastructure. The Acwa facility is designed to serve as the estate’s anchor power source, providing the reliable, clean energy supply that high-growth, energy-intensive tenants increasingly require as a precondition for locating operations.
READ: PEZA, BCDA showcase investment opportunities in New Clark City
The project directly supports the Philippine government’s target of raising the share of renewable energy in the national power mix to 35% by 2030.
Acwa Power chief executive Dr. Samir Serhan said New Clark City exemplifies the kind of development that large-scale clean energy investors are actively seeking.
“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.”
Salman Baray, country general manager of Acwa Philippines, said the scale of the leased footprint within an active special economic zone was a deliberate choice.
“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 president and chief executive Joshua Bingcang described the agreement as “a defining moment for the estate.”
“It tells global investors that this is where the Philippines’ next wave of sustainable infrastructure gets built,” Bingcang said, adding 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.”
