SyCip, Gorres, Velayo & Co. (SGV) has advised on a USD406-million renewable energy partnership between Philippine developer SunAsia Energy Inc. and Vietnam-based VinEnergo, a transaction that highlights rising cross-border investment flows into the country’s clean energy sector.
The deal, in which SGV served as exclusive mergers-and-acquisitions adviser to SunAsia Energy, covers a floating solar-on-water portfolio with a combined capacity of up to 422 megawatts peak (MWp) in Pampanga and Negros Occidental.
Beyond its size, the transaction is notable as VinEnergo’s first overseas investment, signaling growing confidence among regional investors in the Philippines’ renewable energy market amid supportive policy reforms and increasing demand for sustainable power infrastructure.
The partnership is expected to accelerate the development of large-scale solar projects that could bolster the country’s renewable energy pipeline and support efforts to diversify the power mix away from fossil fuels.
“This demonstrates the growing confidence of global investors in the Philippines as an attractive destination for renewable-energy investments,” said SGV Vice Chairman, Deputy Managing Partner, and Strategy and Transactions Leader Noel P. Rabaja.
SunAsia Energy, a pioneer in solar-on-water developments, is pursuing an approach that addresses one of the sector’s key challenges—land availability—by utilizing underused water surfaces for energy generation. The projects will deploy “solar-on-stilts” technology, which mounts solar panels on elevated concrete structures above water bodies.
Commercial operations are targeted between 2027 and 2028. Once operational, the facilities are expected to generate enough clean electricity to power about 278,000 homes while avoiding an estimated 460,888 metric tons of carbon emissions annually, equivalent to planting roughly 21 million trees.
The transaction also reflects a broader trend of deepening ASEAN investment integration in the energy sector, with regional capital increasingly flowing into large-scale renewable projects as governments pursue energy security and decarbonization goals.
SGV provided end-to-end advisory services for the transaction, including valuation, financial modeling, deal structuring, and investor engagement, drawing on EY’s global renewable energy and infrastructure expertise.
