NEW CLARK CITY, Tarlac (Jan. 24, 2026) – In a landmark move set to accelerate the Philippines’ renewable energy transition, the state-run Bases Conversion and Development Authority (BCDA) has inked a USD 200 million agreement with Saudi Arabian energy giant ACWA Power. The deal, signed on January 21, 2026, at the World Economic Forum in Davos, Switzerland, aims to deliver clean, reliable, and affordable power to New Clark City in Capas, Tarlac.
The partnership marks a significant foreign direct investment into Central Luzon and aligns with the national government’s agenda to attract sustainable investments and enhance energy security. Under the agreement, ACWA Power will develop a large-scale renewable energy project spanning approximately 500 hectares within New Clark City, utilizing advanced solar photovoltaic technology coupled with potential battery energy storage systems.
BCDA President and CEO Joshua M. Bingcang hailed the project as more than just a power supply initiative. “This is a strategic step toward long-term energy independence for the region,” he stated. “Together with partners such as ACWA Power, we can maximize New Clark City’s clean energy potential and demonstrate that sustainability is a powerful driver for economic growth in Central Luzon.”
For Tarlac, the project carries transformative importance. It positions New Clark City as a premier sustainable destination for business and innovation, promising to enhance the province’s competitiveness while generating local employment opportunities. The infusion of cutting-edge solar technology and associated infrastructure is expected to stimulate further investments and position Tarlac at the forefront of the country’s green economy.
The project, which is subject to detailed technical studies and regulatory approvals, is designed to ensure a stable and cost-efficient power supply. This reliability is crucial for attracting locators and supporting the growing industrial and residential needs of the developing metropolis.
ACWA Power, a Riyadh-based firm listed on the Saudi Stock Exchange, brings formidable expertise to the table. With managed assets worth USD 114.6 billion across 15 countries and a portfolio generating 93 GW of power, the company is a global leader in sustainable energy and water solutions.
The signing ceremony was witnessed by key Philippine officials and business leaders, underscoring the project’s national significance. The initiative directly supports President Ferdinand Marcos, Jr.’s vision for a sustainable and resilient energy future for the Philippines.
This investment arrives as BCDA reports robust financial performance, having exceeded its 2025 revenue target by over 40%, indicating strong institutional capacity to partner in such transformative ventures. For the people of Tarlac, the ACWA Power project shines as a beacon of progress, promising not just greener energy, but a brighter, more sustainable economic horizon.
