BCDA, ACWA Power sign $200M New Clark renewable energy deal

DAVOS, Switzerland, Jan. 23, 2026 — The Philippines’ Bases Conversion and Development Authority (BCDA) has signed a $200-million agreement with Saudi Arabian energy firm ACWA Power to develop a large-scale renewable energy project in New Clark City, marking a push to attract foreign investment and expand clean power infrastructure.

The agreement was signed on Jan. 21 at the InvestPhilippines Business Pavilion during the World Economic Forum in Davos, Switzerland, officials said.

The project supports the Philippine government’s renewable energy drive and broader efforts to build climate-resilient, investment-ready economic zones.

BCDA President and Chief Executive Officer Joshua M. Bingcang said the partnership goes beyond supplying affordable electricity, describing it as a strategic step toward long-term energy security.

“Together with partners such as ACWA Power, we can maximize New Clark City’s clean energy potential and show that sustainability can be a powerful driver of economic growth in Central Luzon,” Bingcang said in a statement.

ACWA Power plans to develop the project across about 500 hectares in New Clark City in Capas, Tarlac.

The development is expected to use advanced solar photovoltaic technology, with potential integration of battery energy storage systems to ensure stable and cost-efficient power supply, subject to technical studies, site validation and regulatory approvals.

Officials said the project aims to enhance New Clark City’s competitiveness as a sustainable destination for business, technology and innovation, while generating employment and supporting regional development.

ACWA Power, a Saudi-listed company headquartered in Riyadh, manages $114.6 billion in assets across 15 countries in the Middle East, Africa, Central Asia and Southeast Asia.

The company has a contracted capacity of 93 gigawatts of power and produces 9.3 million cubic meters of water per day globally.

The partnership aligns with President Ferdinand Marcos Jr.’s agenda to build a more sustainable and resilient energy sector, officials said.

Also present at the signing were ACWA Power CEO Marco Arcelli and Philippine officials and business leaders, including Ambassador and Permanent Representative to the World Trade Organization Manuel A.J. Teehankee, Deputy Speaker Ferdinand Hernandez, SSS President and CEO Robert Joseph M. De Claro, Berthaphil Inc. President Peter Herman, Race to Net Zero Philippines CEO Dawn Cabigon, Nanay Partylist Representative Florabel Yatco, Civil Service Commission Commissioner Luis Meinrado C. Pañgulayan, and BCDA Conversion and Development Group Officer-in-Charge Mark P. Torres.