VinEnergo, SunAsia partner on 420 MWp floating solar pipeline in Philippines

VinEnergo, the renewable energy arm of Vietnamese conglomerate Vingroup (HoSE: VIC), has partnered with Philippine solar developer SunAsia Energy Inc. to develop a 420-megawatt-peak (MWp) portfolio of floating solar projects in the Philippines.

The projects, with estimated total investment of $406 million, are expected to generate more than $1.5 billion in revenue over their operating lifetimes, VinEnergo said in its Friday statement.

The partnership will see three flagship projects commissioned during 2027-2028, including a 181 MWp facility in Macabebe (Pampanga province); a 126 MWp project in Sagay city and a 115 MWp installation in Silay city (both in Negros Occidental).

The projects are expected to supply renewable electricity to the Philippine national grid, supporting the country's energy security, carbon reduction goals, and local economic development.

Once fully operational, the portfolio is expected to provide sufficient electricity to power about 278,000 households annually while reducing carbon emissions by more than 460,000 tons per year, equivalent to planting around 21 million trees, the company said.

Over the next 18 months, VinEnergo and SunAsia will jointly carry out engineering design and project execution, including the selection of marine engineering specialists, technology suppliers, and contractors to install nearly 700,000 solar panels mounted on stilts above water, as well as approximately 62 km of new transmission lines in Negros and Pampanga.

The projects will deploy "solar on stilts" technology, in which photovoltaic panels are installed on pile-supported structures above water, allowing electricity generation to coexist with aquaculture activities.

ING served as VinEnergo's exclusive M&A adviser for the transaction, while SGV & Co. advised SunAsia Energy.

In its global expansion plan released in March, VinEnergo set a goal to develop 100 gigawatts (GW) of renewable energy capacity over the next three years, including 50 GW in key international markets such as North America, Northern Europe, the Mediterranean, and Southeast Asia.

For the Philippine market, VinEnergo plans to develop a combined 3.8 GW portfolio through partnerships with NKS Renewables Inc (1.3 GW), URG Asia Corporation (1.2 GW), and 11.11 Growth Properties (1.3 GW). The projects will focus on large-scale solar power plants in Luzon, Visayas, and Mindanao.