Vietnamese PV developer VinEnergo and solar engineering, procurement and construction (EPC) company SunAsia Energy have partnered to develop 422MWp of floating solar projects in the Philippines, marking VinEnergo’s entry into the country’s renewable energy market.
The companies plan to commission three utility-scale projects between 2027 and 2028, including a 181MWp plant in Macabebe, Pampanga, and two projects in Negros Occidental: a 126MWp facility in Sagay and a 115MWp installation in Silay.
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The projects will deploy nearly 700,000 solar modules mounted on pile-supported structures above water, allowing aquaculture activities to continue beneath the arrays. The partners said the portfolio will also require around 62km of new transmission lines across Pampanga and Negros.
Tetchi Capellan, CEO of SunAsia Energy, said: “This partnership is driven by the shared commitment of SunAsia Energy and VinEnergo to strengthen energy security, support economic growth, improve people’s lives, and help protect the planet. Through the Floating Solar model, we are not only developing renewable energy infrastructure but also creating a framework where food production and clean energy generation can thrive together.”
Over the next 18 months, VinEnergo and SunAsia Energy will focus on engineering, technology selection and contractor procurement ahead of construction.
The partnership aligns with the Philippines’ efforts to expand renewable energy capacity and improve energy security while demonstrating the use of integrated solar and aquaculture systems.
Financial terms of the partnership were not disclosed. ING advised VinEnergo on the transaction, while SGV & Co. acted as advisor to SunAsia Energy.
In 2023, SunAsia Energy and investment partner BlueLeaf Energy secured rights to develop 1.3GW of floating solar PV projects on Laguna Lake after winning an auction conducted by the Laguna Lake Development Authority (LLDA). The award covered ten lake blocks spanning 1,000 hectares, with construction scheduled to begin in 2025 and phased commissioning planned between 2026 and 2030.
