MGen taps Saudi firm for green energy push

Meralco PowerGen Corp. (MGen), the power investment arm of Manila Electric Co., has entered into a strategic partnership with Saudi Arabia’s ACWA Power to pursue renewable energy (RE) projects in the Philippines and the broader Southeast Asian region.

The agreement, announced during the ASEAN Summit in Kuala Lumpur, signals a significant step toward accelerating the region's energy transition and boosting sustainable development. While specific project details such as capacity targets and financing arrangements were not disclosed, both firms emphasized the partnership’s focus on solar energy initiatives.

“We are determined to become the largest energy company in the Philippines and even beyond, leading the energy transition toward a cleaner, more sustainable future,” said MGen President and CEO Emmanuel Rubio. He noted that the collaboration is aimed at leveraging ACWA Power’s global leadership in solar development to expand MGen’s renewable footprint.

ACWA Power, recognized as the world’s largest private water desalination company and an early player in green hydrogen, brings with it a global portfolio of 101 power and water projects across 14 countries, totaling 78.8 gigawatts (GW). MGen, for its part, has developed nearly 5 GW of diversified energy assets in the Philippines.

“This partnership will allow us to identify and execute impactful renewable projects that align with our vision of sustainable growth,” said Dennis Jordan, President and CEO of MGen Renewable Energy Inc.

Thomas Brostrom, Chief Investment Officer of ACWA Power, described the agreement as a milestone in the company’s expansion across Southeast Asia, where rising energy demand is spurring investment in clean power alternatives. ACWA also announced potential investments of up to $10 billion in key Malaysian entities during the summit.