Primelectric Holdings Inc., led by businessman Enrique Razon Jr., and Saudi Arabia’s ACWA Power Company signed a joint study agreement to explore renewable energy and energy storage opportunities in the Visayas and Palawan, the companies announced Monday.
The agreement, signed recently by Primelectric president Roel Castro and ACWA Power chief investment and development officer Thomas Brostrom, aims to assess viable energy generation options for Negros, Panay and Palawan. The primary goal is to optimize power costs and maximize the potential of renewable energy and energy storage technologies in these regions.
“This partnership comes at a critical time as our regions require more resilient, reliable and affordable power sources,” Castro said.
“Through this collaboration, we aim to explore projects that will stabilize power supply and harness the abundant renewable resources of the Visayas and Palawan,” he said.
Under the agreement, Primelectric will provide technical data and insights on potential power generation projects in the identified areas. ACWA Power will lead the development, financing and operation of feasible projects.
Once viable projects are identified and agreed upon, both companies plan to proceed to development and investment phases. This could include large-scale renewable energy installations and advanced storage systems in the region’s energy mix.
Primelectric Holdings is the parent company of distribution utilities MORE Power in Iloilo, Negros Power in Central Negros and Bohol Light. The company has been working to modernize and lower power rates in its franchise areas while integrating innovative energy solutions.
“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.
“Our joint effort is a testament to our commitment to secure a clean, stable, and affordable power future for the islands we serve,” he said.
Brostrom said that by combining ACWA Power’s global expertise with 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.”
“This partnership reflects our shared commitment to building a more sustainable and resilient future for the region,” he said.
ACWA Power is a global leader in power generation and desalinated water solutions, with over 100 assets across 14 countries. Its portfolio includes large-scale renewable and conventional power plants, with a strong focus on sustainable, low-cost energy projects.
