KUALA LUMPUR (June 26): VinEnergo, the renewable energy arm of Vietnam’s Vingroup, has entered into a strategic partnership with Philippine renewable energy developer SunAsia Energy Inc. to jointly develop a portfolio of large-scale Solar-on-Water projects with an estimated lifetime revenue exceeding US$1.5 billion.
The collaboration will focus on deploying solar power projects integrated with aquaculture, supporting the Philippines’ renewable energy ambitions while strengthening energy security, reducing carbon emissions and generating new economic opportunities.
Under the agreement, the two companies plan to commission three flagship projects between 2027 and 2028, with a combined installed capacity of 422MWp.
The projects comprise a 181MWp facility in Macabebe, Pampanga, a 126MWp project in Sagay, and a 115MWp installation in Silay, both located in Negros Occidental.
Once operational, the portfolio is expected to supply renewable electricity to approximately 278,000 households while reducing annual carbon emissions by more than 460,000 tonnes, equivalent to planting around 21 million trees.
Over the next 18 months, VinEnergo and SunAsia Energy will undertake engineering design, procurement planning and project implementation, including the installation of nearly 700,000 solar panels mounted on pile-supported structures and approximately 62 kilometres of new transmission lines across Pampanga and Negros Occidental.
The projects will adopt the Solar-on-Stilts concept, where photovoltaic panels are installed on elevated structures above water bodies, allowing renewable electricity generation to coexist with aquaculture operations.
The companies said the integrated approach maximises the utilisation of water resources while supporting both clean energy production and food security. The development also aligns with VinEnergo’s Food-Energy-Water Nexus strategy aimed at optimising resource efficiency and creating long-term socio-economic value.
VinEnergo chief executive officer Nguyen Anh Khoa said the partnership marks another milestone in the company’s regional expansion strategy and demonstrates its commitment to delivering sustainable infrastructure across Southeast Asia.
“By combining renewable energy development with responsible resource utilisation, we are creating solutions that not only strengthen energy security but also support local livelihoods and economic development,” he said.
SunAsia Energy chairperson and chief executive officer Tetchi Capellan said the collaboration reflects both companies’ shared vision of accelerating the clean energy transition while ensuring that renewable energy development complements agriculture and fisheries.
“This partnership establishes a framework where clean energy generation and food production can thrive together, delivering long-term benefits for communities and the environment,” she said.
The announcement coincides with the Philippines hosting the ASEAN Summit, underscoring the growing importance of regional collaboration in addressing energy security and climate challenges.
ING and SGV & Co. acted as exclusive mergers and acquisitions advisers to VinEnergo and SunAsia Energy, respectively.
Company profiles
VinEnergo is a Vietnamese energy developer focused on large-scale renewable energy, baseload power and battery energy storage system (BESS) projects across Vietnam and the wider region.
SunAsia Energy Inc. is a Philippine renewable energy developer specialising in floating solar, Solar-on-Water and other clean energy solutions supporting the country’s energy transition.
