Manila: A local and foreign power firm have partnered to explore viable renewable energy and storage opportunities in Western Visayas and Palawan. Primelectric Holdings, Inc. and ACWA Power Company of Saudi Arabia formally signed a joint study agreement in a hotel in Manila on July 1 to optimize power costs while maximizing the potential of renewable energy and energy storage technologies, according to the statement from More Electric and Power Corp. (MORE Power) on Monday.
According to Philippines News Agency, signatories to the agreement were Primelectric Holdings, Inc. president Roel Castro and Thomas Brostrom, chief Investment and development officer of ACWA Power. Under the agreement, Primelectric will provide technical data and insights on potential power generation projects in the identified areas, while ACWA Power will lead in 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, potentially introducing large-scale renewable energy installations and cutting-edge storage systems into the region's energy mix. 'This partnership comes at a critical time as our regions require more resilient, reliable, and affordable power sources. Through this collaboration, we aim to explore projects that will stabilize power supply and harness the abundant renewable resources of the Visayas and Palawan,' Castro said.
Primelectric Holdings is the parent firm of distribution utilities MORE Power in Iloilo, Negros Power in Central Negros, and Bohol Light. ACWA Power, on the other hand, is into power generation and desalinated water solutions, and operates over 100 assets across 14 countries. 'By bringing together ACWA Power's global expertise and 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,' Brostrom said.
