State-run Bases Conversion and Development Authority (BCDA) signed a $200-million agreement with Saudi Arabian energy firm ACWA Power to bring clean, reliable and affordable power to New Clark City in Capas, Tarlac.
Signed on Jan. 21, 2026 at the InvestPhilippines Business Pavilion at the World Economic Forum in Davos, Switzerland, the agreement is a major step toward building climate-resilient, future-ready developments through low-cost power solutions that combine innovation with long-term value.
BCDA president and chief executive Joshua Bingcang said the project also represents a strategic move toward long-term energy independence.
“Together with partners such as ACWA Power, we can maximize New Clark City’s clean energy potential and show that sustainability can be a powerful driver of economic growth in Central Luzon,” Bingcang said.
Under the agreement, ACWA Power will develop a large-scale renewable energy project covering about 500 hectares in New Clark City. The project aims to enhance the city’s competitiveness as a sustainable destination for business and innovation.
The project will use advanced solar photovoltaic technology and may include battery energy storage to ensure a stable and cost-efficient power supply, subject to technical studies, site validation and necessary approvals.
ACWA Power, a Riyadh-based company listed in Saudi Arabia, manages assets worth $114.6 billion across 15 countries in the Middle East, Africa, Central Asia and Southeast Asia.
The firm has a contracted capacity of 93 GW of power and 9.3 million cubic meters of water per day, delivering sustainable energy and water solutions worldwide.
