BCDA, Saudi firm ink deal for 500-MW solar park

The Bases Conversion and Development Authority (BCDA) has sealed a land lease agreement with Saudi Arabian firm Acwa Power for the development of a large-scale solar and battery storage project in New Clark City capable of generating up to 500 megawatts (MW) of clean electricity.

Spanning 500 hectares within the New Clark City special economic zone, the project is expected to support the round-the-clock power requirements of data centers, advanced manufacturers and other energy-intensive businesses.

This builds on an agreement signed in January during the World Economic Forum in Davos, Switzerland.

Under that, Acwa Power pledged up to $200 million in investments for advanced solar photovoltaic projects in the country’s flagship smart city.

Sign of confidence

In a statement, Finance Secretary Frederick Go welcomed the investment, describing it as a sign of investor confidence in the country.

“Acwa Power’s decision to invest is a strong vote of confidence in the country and the reforms being pursued under this administration,” Go said.

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“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,” he added.

“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,” Acwa CEO Samir Serhan said.