EMERGING Power Inc. (EPI), the renewable energy arm of Nickel Asia Corp., has signed a joint development agreement with Acwa Power Philippines to explore the development of up to 5,000 megawatts (MW) of renewable energy and gas-fired power generation capacity across the country.
The agreement aims to support the development of power projects at a national scale and establish a pathway for the two companies to jointly participate in the government’s Green Energy Auction Program (GEAP), while also serving retail electricity suppliers and distribution utilities.
Under the deal, EPI and Acwa will identify prospective power projects nationwide and co-develop those that align with their strategic objectives.
EPI Chairman and CEO Martin Antonio Zamora said the partnership would help advance the country’s energy transition efforts.
“This joint development with Acwa Power Philippines actively accelerates the nation’s transition to a low-carbon economy,” he said. “Together, we are building scalable, reliable, and sustainable power infrastructure that will energize Filipino communities, drive economic growth, and safeguard our generations to come.”
Acwa Global President and CEO Samir Serhan said the Philippines presented significant opportunities for large-scale clean energy investments.
“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,” he said.
“EPI brings deep local knowledge, an operating renewables base, and a credible growth plan. We bring three decades of delivering large-scale power and water assets on time and on budget. Together, 5,000 MW is a starting point, not a limit,.”
The companies said a priority near-term focus would be joint participation in the GEAP, through which the government is seeking additional renewable energy investments.
Salman Baray, general manager of Acwa Philippines, said the collaboration combines local execution capability with global development expertise.
“GEAP may be the obvious first test, but the real value is the longer pipeline we can shape together, including firm capacity where the grid needs it,” Baray said.
Acwa Power Philippines is a subsidiary of Saudi-listed Acwa, a developer of power, water desalination and green hydrogen projects operating in multiple countries.
Nickel Asia shares on Thursday fell by 11 centavos, or 2.2 percent, closing at P4.89 each.
NAZYLEN JOY MABANGLO
