Finance Secretary Frederick Go met with executives of ACWA Power Philippines and Emerging Power Inc. to discuss plans to develop up to 5,000 megawatts of renewable energy and gas-fired power projects across the country.
During the meeting, Go said the Philippines’ investment promotion agencies can help support project implementation and facilitate the timely rollout of energy investments.
He also emphasized the government’s commitment to improving the ease of doing business, strengthening energy security and accelerating the country’s clean energy transition.
ACWA Power Philippines, a subsidiary of global energy and water desalination firm ACWA Power, recently signed a Joint Development Agreement with Emerging Power Inc., the clean energy arm of Nickel Asia Corp.
Under the agreement, ACWA Power and EPI will identify and co-develop new power projects in the Philippines.
Nickel Asia, one of Southeast Asia’s largest producers of lateritic nickel ore, has been expanding into diversified natural resources and energy development through EPI.
A key near-term priority for the partnership is participation in the government’s Green Energy Auction Program, where the companies plan to submit competitive proposals for clean energy projects.
The DOF said the planned investments could help expand the country’s power supply, support the shift to cleaner energy sources and attract more private sector participation in the energy sector.