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| RENEWABLE ENERGY PUSH: Primelectric Holdings President Roel Z. Castro and ACWA Power Chief Investment and Development Officer Thomas Brostrom sign a joint study agreement, marking a strategic collaboration on renewable energy exploration. The ceremonial signing, held recently in Manila, was witnessed by top executives from both companies. |
MANILA, Philippines — In a move poised to reshape the energy landscape of the Visayas and Palawan, Primelectric Holdings, Inc. and ACWA Power Company of Saudi Arabia formally signed a Joint Study Agreement to jointly explore renewable energy and energy storage opportunities in the region.
Roel Z. Castro, President of Primelectric Holdings, Inc., and Thomas Brostrom, Chief Investment and Development Officer of ACWA Power, signed the agreement in a recent ceremony.
ACWA Power, a global leader in power generation and desalinated water solutions, operates over 100 assets across 14 countries. Its growing portfolio includes large-scale renewable and conventional power plants, strongly focusing on sustainable, low-cost energy projects.
Primelectric Holdings, the parent firm of distribution utilities MORE Power in Iloilo, Negros Power in Central Negros, and Bohol Light, has been driving efforts to modernize and lower power rates in its franchise areas while integrating innovative energy solutions.
The collaborative study will assess the most viable energy generation options for Negros, Panay, and Palawan — with the primary goal of optimizing power costs while maximizing the potential of renewable energy and energy storage technologies.
“This partnership comes at a critical time as our regions require more resilient, reliable, and affordable power sources,” said Roel Castro, President of Primelectric. “Through this collaboration, we aim to explore projects that will stabilize power supply and harness the abundant renewable resources of the Visayas and Palawan.”
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.
“We are pleased to work with ACWA Power, a globally respected energy player, to bring transformative and sustainable energy solutions to our communities,” added Castro. “Our joint effort is a testament to our commitment to secure a clean, stable, and affordable power future for the islands we serve.”
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.
“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,” said Thomas Brostrom of ACWA Power. “This partnership reflects our shared commitment to building a more sustainable and resilient future for the region.”