A proposed large-scale solar facility in New Clark City is set to become the latest foreign-backed renewable energy initiative in the Philippines, with Saudi Arabia–based ACWA Power planning to invest as much as $200 million, according to the Bases Conversion and Development Authority (BCDA).
The BCDA confirmed that it formalized an agreement with ACWA Power during the World Economic Forum in Davos, Switzerland, on January 21, marking a significant step toward expanding clean energy capacity in the government-run development hub in Tarlac.
Under the arrangement, ACWA Power will pursue the development of a solar photovoltaic power plant covering roughly 500 hectares within New Clark City. The project is expected to utilize advanced photovoltaic systems and may include battery energy storage technology to support power stability and cost efficiency.
The BCDA said the initiative remains subject to further technical assessments, site verification, and the completion of required regulatory approvals before full implementation.
BCDA President and Chief Executive Officer Joshua Bingcang described the proposed facility as a cost-efficient energy option that aligns innovation with long-term value creation. He noted that integrating reliable renewable power into New Clark City supports its positioning as a hub for sustainable business and emerging industries, while also advancing the area’s goal of energy self-sufficiency as a planned green metropolis.
“Together with partners such as ACWA Power, we can maximize New Clark City’s clean energy potential and show that sustainability can be a powerful driver of economic growth in Central Luzon,” Bingcang said.
ACWA Power has been expanding its footprint in the Philippine renewable energy market. In 2024, it entered into a partnership with Meralco PowerGen Corp. to explore solar projects, including plans for a 125-megawatt solar facility in Iloilo that is intended to participate in the government’s green energy auction program.
Globally, ACWA Power manages assets valued at $114.6 billion across 15 countries spanning the Middle East, Africa, Central Asia, and Southeast Asia. The company has a total contracted capacity of 93 gigawatts of power generation and water desalination output of 9.3 million cubic meters per day.
For the BCDA, the proposed investment adds to a growing portfolio of revenue-generating projects. The state agency reported cash revenues of ₱14.1 billion in 2025, nearly 21 percent higher than the ₱11.6 billion recorded a year earlier.
