By
Pramod Kumar
Acwa Power, the Saudi Arabian renewable energy company, has leased land in the Philippines to build a 500-megawatt solar plant.
The lease for 500 hectares (5 sq km) in New Clark City, a special economic zone north of Manila, was signed by the company’s Philippine unit to develop a solar photovoltaic and battery energy storage system.
The project involves an estimated minimum investment of $400,000 per megawatt, subject to approvals and phased expansion, the state-owned Philippines News Agency reported.
Philippine finance secretary Frederick Go said Acwa Power’s decision to invest in the country will help unlock new investments, create jobs for Filipinos and foster growth in the Central Luzon region.
In January, the Philippine government-owned Bases Conversion and Development Authority (BCDA) said Acwa Power was investing $200 million to build a large-scale solar energy plant in the country.
New Clark City is a 94 sq km metropolis under BCDA’s management. The company says on its website that it turns former military bases into economic centres through public-private partnerships.
Shares in Acwa Power, which is 44 percent owned by the Saudi Public Investment Fund, rose 3 percent to close at SAR189.5 on Thursday.
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