PRIMELECTRIC Holdings Inc. and ACWA Power Company of Saudi Arabia have signed a Joint Study Agreement to explore renewable energy and energy storage opportunities across the Visayas and Palawan.
Roel Castro, president of Primelectric Holdings Inc., and Thomas Brostrom, chief investment and development officer of ACWA Power, formalized the agreement during a recent signing ceremony.
The collaboration aims to evaluate the most viable energy generation options for Negros, Panay, and Palawan to optimize power costs while integrating renewable energy and storage technologies.
“This partnership comes at a critical time as our regions require more resilient, reliable, and affordable power sources,” Castro said.
He said the collaboration aims to explore projects that stabilize power supply and utilize the abundant renewable resources of the Visayas and Palawan.
Primelectric Holdings, the parent company of distribution utilities More Electric and Power Corporation in Iloilo City, Negros Electric and Power Corporation in Central Negros, and Bohol Light Company Inc., has been pushing modernization efforts in its franchise areas with the goal of reducing power rates and incorporating innovative energy solutions.
Under the agreement, Primelectric will provide technical data and insights on potential power generation projects in the identified areas.
ACWA Power, with its experience in developing over 100 power and desalinated water assets in 14 countries, will lead in the development, financing, and operation of any feasible projects resulting from the study.
“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.
He emphasized the partnership's dedication to ensuring a clean, stable, and affordable power future for the islands they serve.
Brostrom, speaking for ACWA Power, highlighted the importance of the partnership in accelerating clean energy deployment in the Philippines.
“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.
Brostrom said the partnership demonstrates their shared commitment to fostering a more sustainable and resilient future for the region.
Once viable energy projects are identified through the study, both companies will proceed to development and investment phases, with the potential rollout of large-scale renewable energy installations and advanced storage systems to improve power reliability and cost efficiency in the region. (Leo Solinap)