Philippine renewable energy developer SunAsia Energy has partnered with Vietnam’s VinEnergo to develop three floating solar projects worth $416 million, adding 422 megawatt-peak (MWp) of renewable energy capacity to the country’s growing clean energy pipeline.
The projects, located in Pampanga and Negros Occidental, are expected to be among the first large-scale pile-mounted solar-on-water developments in the Philippines and form part of the government’s broader push to increase the share of renewable energy in the power generation mix to 35% by 2030 and 50% by 2040.
SunAsia Chief Executive Officer Maria Theresa Cruz-Capellan said the three projects have secured contracts under the fourth Green Energy Auction (GEA-4) program.
One of the projects is scheduled to begin commercial operations in May 2027, while the remaining two are expected to come online in 2028.
The developments will involve the installation of nearly 700,000 solar panels mounted on concrete pile structures above water areas, allowing aquaculture and fishpond activities to continue beneath and around the facilities.
Electricity generated by the projects will be delivered to the grid through approximately 62 kilometers of new transmission lines connecting the facilities in Pampanga and Negros Occidental.
Capellan said the projects will be financed through a combination of equity and debt, with VinEnergo taking a larger share of the investment while SunAsia retains majority ownership.
“We are still the majority. But in terms of sharing of investment, they’re the majority,” Capellan said.
She said VinEnergo was attracted by SunAsia’s experience in developing large-scale floating solar facilities in the Philippines.
The partnership builds on SunAsia’s growing presence in the floating solar sector. The company is jointly developing a 1.3-gigawatt floating solar project in Laguna Lake with Singapore-based Blueleaf Energy, which is backed by Macquarie’s Green Investment Group.
Valued at more than $1.2 billion, the Laguna Lake development is expected to become one of the world’s largest floating solar projects once completed.
SunAsia has also secured the largest allocation of floating solar projects awarded under GEA-4, with 13 projects totaling 949 MW of capacity.
Capellan said the collaboration highlights the potential of combining renewable energy generation with aquaculture activities.
“Vietnam is one of the world’s leading shrimp exporters, while the Philippines has a strong history in shrimp production. By bringing together the experience, technology, and commitment of both countries, this partnership presents a compelling case for integrated solar-aquaculture farming from both a farm productivity and energy cost perspective,” she said.
The companies said the projects are designed to maximize the productive use of water-based areas while generating clean electricity and supporting local economic activity.