Philippines power capacity set to grow up to 5,000 MW by 2030 under Acwa-EPI pact

The partners will participation in the country's Green Energy Auction Program.

Acwa Power and Emerging Power Inc. (EPI) have signed a joint development agreement (JDA) to develop and invest in up to 5,000 megawatts of renewable and gas-fired power capacity in the Philippines by 2030.

The agreement covers the identification and co-development of new power projects across the country, with both companies aiming to develop renewable energy and gas-fired generation nationwide.

The partners will initially focus on participation in the Philippines’ Green Energy Auction Program (GEAP), where they plan to submit joint bids for power supply contracts.

The JDA combines Acwa Power’s global power development experience with EPI’s local operations through its parent, Nickel Asia Corporation, the clean energy arm of the group.

“The Philippines has set one of the most ambitious clean energy trajectories in Southeast Asia, and reaching it requires partners who can move at scale and at pace,” said Dr Samir J Serhan, CEO of Acwa, adding that his company brings three decades of experience.

Martin Antonio G Zamora, Chairman and CEO of EPI, said the partnership supports the development of low-carbon power infrastructure in the country.

The companies did not disclose project locations, timelines, or investment values.

The Philippines government runs the GEAP to contract new renewable energy capacity to meet its energy transition targets.