SunAsia, Vietnam firm line up P24.5 billion solar-on-water portfolio

Upgrade to High-Speed Internet for only ₱1499/month!

Enjoy up to 100 Mbps fiber broadband, perfect for browsing, streaming, and gaming.

Visit Suniway.ph to learn

June 19, 2026 | 12:00am

MANILA, Philippines — SunAsia Energy Inc. is teaming up with Vietnam’s VinEnergo to invest around $406 million (about P24.5 billion) to build solar projects over water areas, including fishponds.

Under a strategic partnership launched on Wednesday, the companies will jointly develop three projects totaling 422 megawatt-peak across Pampanga and Negros Occidental.

SunAsia Energy president and CEO Tetchi Capellan said the solar facilities are targeted for commercial operations in 2027 and 2028 and would be financed through a mix of equity and debt.

“VinEnergo has a strong relationship with BDO, so BDO will most likely fund the projects,” she said in a chance interview.

The projects will use an innovative solar-on-water model, where panels are mounted on concrete pile structures above water areas, allowing aquaculture and fishpond operations to continue beneath and around the installations.

“Through solar on stilts, we are not only building renewable energy infrastructure; we are (also) creating a model where food production and clean energy can grow together,” said Capellan, a former agriculture undersecretary.

Over the next 18 months, SunAsia Energy and VinEnergo will advance engineering and project development activities, including the selection of maritime engineers, technology providers and contractors.

The projects will involve the installation of nearly 700,000 solar panels on stilts and about 62 kilometers of new transmission lines across Pampanga and Negros Occidental.

Once operational, the facilities are projected to generate enough clean energy to power more than 278,000 homes and displace around 460,888 tons of carbon emissions annually.

“Solar on water offers a unique opportunity to support sustainable energy growth and responsible resource utilization,” VinEnergo CEO Nguyen Anh Khoa said.

VinEnergo is the renewable power arm of Vietnam’s largest private conglomerate, Vingroup, while SunAsia Energy is mainly engaged in the development of solar and clean energy solutions such as floating solar and solar-on-water.

Energy Secretary Sharon Garin said the partnership between the two companies reflects confidence in the Philippine energy sector and supports efforts to ensure reliable and affordable electricity for Filipinos.

“By maximizing existing resources, optimizing land use and expanding our renewable energy portfolio, these innovative solutions demonstrate how we can pursue economic progress and environmental stewardship hand in hand,” Garin said.