In a ceremony witnessed by Finance Secretary Frederick D. Go, Acwa Power Philippines signed a Joint Development Agreement (JDA) with Emerging Power Inc. (EPI) to explore the development of up to 5,000 megawatts (MW) of renewable and gas-fired power generation capacity across the Philippines.
The JDA aims to provide renewable and gas-fired power generation at a national scale, establish a pathway for joint participation in the Philippine government's Green Energy Auction Program (GEAP), and serve retail electricity suppliers and distribution utilities.
Acwa Power Philippines is a subsidiary of Acwa (Saudi Tadawul: 2082), the world's largest private water desalination company, a leader in the energy transition and a pioneer in green hydrogen development at scale. EPI is the clean energy arm of natural resources developer Nickel Asia Corporation.
Under the JDA, EPI and Acwa seek to identify new power projects nationwide and co-develop projects where their strategic objectives align.
A near-term priority for both companies is participation in the GEAP, where Acwa and EPI intend to submit proposals in response to the government's call for increased investments in renewable energy.
"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, Chief Executive Officer of Acwa.
"EPI brings deep local knowledge, an operating renewables base, and a credible growth plan. We bring three decades of experience delivering large-scale power and water assets on time and on budget. Together, 5,000 MW is a starting point, not a limit," he added.
"This joint development with Acwa Power Philippines actively accelerates the nation's transition to a low-carbon economy," said EPI Chairman and CEO Martin Antonio G. Zamora. "Together, we are building scalable, reliable and sustainable power infrastructure that will energize Filipino communities, drive economic growth, and safeguard future generations."
Salman M. Baray, Country General Manager of Acwa Philippines, said: "This is the collaboration we've been building toward since establishing our presence here — a genuine partnership that combines local execution capability with global development expertise. GEAP may be the obvious first test, but the real value lies in the longer-term pipeline we can shape together, including firm capacity where the grid needs it."
This latest cooperation comes at a pivotal moment for the Philippine power sector. Rapid electrification, growing demand from data centers, and the government's target of sourcing 35 percent of electricity from renewables by 2030 are all driving the need for additional capacity, cleaner energy sources and greater system reliability. The combined Acwa-EPI platform is uniquely positioned to respond to these challenges simultaneously.
Acwa (Tadawul: 2082) is a Saudi-listed company and the world's largest private water desalination company, a pioneer in green hydrogen and a leader in the global energy transition. Established in Riyadh, Saudi Arabia, in 2004, Acwa employs more than 4,000 people and operates in 15 countries across the Middle East, Africa, Central Asia and Southeast Asia.
As of March 31, 2026, Acwa's portfolio comprised 109 assets in operation, advanced development or under construction, representing SAR455 billion (USD121.3 billion) in assets under management and the capacity to generate 95.7 GW of power, including 52.3 GW from renewable sources, while managing 9.7 million cubic meters of desalinated water per day.
The energy and water capacity generated by Acwa's assets is delivered on a bulk basis to meet the needs of state utilities and industrial customers through long-term offtake agreements under utility outsourcing and public-private partnership models.
