Meralco PowerGen Corp. (MGen), a subsidiary of Manila Electric Co., has signed a strategic agreement with Saudi Arabia-based ACWA Power to explore joint renewable energy (RE) ventures in the Philippines and across Southeast Asia.
Announced Wednesday, the partnership was formalized during the ASEAN Summit in Kuala Lumpur last week. The collaboration aims to focus on solar energy development, though initial investment figures and target capacities were not disclosed.
MGen president and CEO Emmanuel Rubio emphasized the significance of the deal in expanding the firm’s renewable energy footprint by tapping into ACWA Power’s global solar expertise. “This partnership marks a notable step forward,” Rubio stated.
ACWA Power chief investment officer Thomas Brostrom described the agreement as the company’s formal entry into the Philippine energy sector and a potential springboard for regional expansion. “This collaboration combines our global expertise in renewable energy with MGen’s local knowledge,” Brostrom said.
The partnership underscores a growing trend of cross-border alliances in the energy transition space, leveraging MGen’s 4,953-MW capacity in the Philippines and ACWA Power’s 78,800-MW global portfolio, which includes pioneering work in green hydrogen and desalination.
The move aligns with regional goals of accelerating low-carbon development and diversifying energy sources, particularly in fast-growing ASEAN markets.
