MANILA: Saudi utility developer ACWA Power will develop an energy storage facility powering a new smart city in the Philippines as part of a deal with the country’s government.
The 500-hectare site will be constructed in a special economic zone near Manila.
The deal was signed on Tuesday by the Saudi giant’s Philippine subsidiary and the Bases Conversion and Development Authority — a state agency managing and redeveloping former Philippine and US military bases.
The project carries an estimated investment of at least $400,000 per megawatt and can reach a total capacity of up to 500 MW at full build-out, according to BCDA data.
Under the lease with the BCDA, ACWA Power Philippines will develop an integrated solar photovoltaic and battery energy storage system facility in New Clark City, a master-planned smart city development 100 km north of Manila.
