en.Wedoany.com Reported - Saudi International Power and Water Company (Acwa Power) and Philippines' Emerging Power Inc. (EPI) have signed a joint development agreement to develop and invest up to 5,000 megawatts of renewable energy and gas-fired power capacity in the Philippines by 2030.

The agreement covers the identification and co-development of new power projects nationwide, with both companies developing renewable energy and gas-fired power across the Philippines. In the first phase, partners will focus on participating in the Philippines' Green Energy Auction Program (GEAP) and plan to jointly bid for power supply contracts.

This joint development agreement combines Acwa Power's global power development experience with EPI's local operations through its parent company Nickel Asia Corporation (the group's clean energy division). Acwa CEO Dr. Samir J Serhan stated that the Philippines has one of the most ambitious clean energy roadmaps in Southeast Asia, and achieving this goal requires partners capable of rapid large-scale advancement, with the company possessing three decades of relevant experience.

EPI Chairman and CEO Martin Antonio G Zamora stated that this partnership supports the development of low-carbon power infrastructure in the Philippines. The company did not disclose specific project locations, timelines, or investment amounts. The Philippine government operates the Green Energy Auction Program to contract new renewable energy capacity and achieve its energy transition goals.

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