Acwa Power Philippines, a subsidiary of Acwa (Saudi TADAWUL: 2082), the world's largest private water desalination company, a leader in the energy transition, and a first mover into green hydrogen at scale, has signed a Joint Development Agreement (JDA) with Emerging Power, Inc. (EPI), the clean energy arm of Nickel Asia Corporation (NAC), to jointly pursue up to 5,000 MW of renewable energy and gas-fired generation capacity across the Philippines.

NAC is one of Southeast Asia's largest producers of lateritic nickel ore and a company now pivoting into diversified natural resources and energy development through EPI. Under the JDA, Acwa and EPI seek to identify and - where opportunities align - co-develop new power projects nationwide. A priority near-term track is joint participation in the Philippines' Green Energy Auction Program (GEAP), where the partners intend to put forward competitive proposals in response to the government’s call for more investments in renewable energy.

Dr. Samir J Serhan, Chief Executive Officer of Acwa, said: "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. NAC brings deep local knowledge, an operating renewables base through EPI. 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."

Martin Antonio G. Zamora, Chairman and CEO, of EPI stated: “This joint development with Acwa Power Philippines actively accelerates the nation’s transition to a low-carbon economy. Together, we are building scalable, reliable, and sustainable power infrastructure that will energize Filipino communities, drive economic growth, and safeguard our generations to come.”

Salman M. Baray, Country General Manager, Acwa Philippines, commented: "This is the collaboration we've been building toward since we established our presence in the Philippines last year, built on a balanced approach that encompasses local execution capability matched with global development muscle. GEAP is the obvious first test, but the real value is the longer pipeline we can shape together, including firm capacity where the grid needs it."

This agreement with Acwa lands at a pivotal moment for the Philippine power sector. Rapid electrification, accelerating data center demand, and the government's 35 percent renewables target for 2030 are all pulling in the same direction with targets for more capacity, cleaner sources, and firmer delivery. A combined Acwa-NAC platform is positioned to respond to each of those pressures simultaneously.

As part of the Philippine government’s ongoing efforts to attract strategic investment in the energy sector, Finance Secretary Frederick D. Go met with executives from Acwa Power Philippines and EPI to discuss the companies’ investment plans and opportunities to support their successful implementation. During the meeting, Secretary Go highlighted the role of the country’s investment promotion agencies in facilitating project delivery and reaffirmed the government’s commitment to improving the ease of doing business, strengthening energy security, and accelerating the country’s clean energy transition.