Local power distributor Primelectric Holdings Inc. (PHI) and ACWA Power Company of Saudi Arabia are teaming up to explore renewable energy and energy storage opportunities in the Visayas and Palawan.
In a statement issued on Monday, PHI said the joint study agreement with its Saudi partner was signed on July 1.
PHI added that the collaborative study will assess the most viable energy generation options for Negros, Panay, and Palawan with the primary goal of optimizing power costs, while maximizing the potential of renewable energy and energy storage technologies.
The parties said the signing took place between Roel Castro, president of PHI, and Thomas Brostrom, chief investment and development officer of ACWA Power.
“This partnership comes at a critical time as our regions require more resilient, reliable, and affordable power sources. Through this collaboration, we aim to explore projects that will stabilize power supply and harness the abundant renewable resources of the Visayas and Palawan,” Castro said.
Under the agreement, PHI will also provide technical data and insights to potential power generation projects in the identified areas, while ACWA Power will lead in the development, financing, and operation of feasible projects.
“We are pleased to work with ACWA Power, a globally respected energy player, to bring transformative and sustainable energy solutions to our communities,” Castro said. “Our joint effort is a testament to our commitment to secure a clean, stable, and affordable power future for the islands we serve,” Castro added.
Once viable projects are identified and agreed upon, both companies will proceed with development and investment phases, potentially introducing large-scale renewable energy installations and cutting-edge storage systems into the region’s energy mix.
“By bringing together ACWA Power’s global expertise and Primelectric’s deep understanding of the local market, we are not only fast-tracking the rollout of clean energy projects in this part of the Philippines but also driving technology transfer, and contributing to long-term economic growth and community development,” Brostrom said.
ACWA Power is involved in power generation and desalinated water solutions, operating over 100 assets across 14 countries.
Last month, it was also tapped by Manila Electric Co.’s subsidiary, Meralco PowerGen Corp., to explore and develop renewable energy projects in the Philippines and the ASEAN region.
PHI is the parent firm of MORE Power distribution utilities in Iloilo, Negros Power in Central Negros, and Bohol Light.
