MGEN, ACWA Power Enter Strategic Partnership to Accelerate Renewable Energy Development

(From left to right) MGEN President and CEO Emmanuel V. Rubio, ACWA CIO Thomas Brostrom. Joining them (background, L-R): MGEN Chief Investment Officer Marc Dy, Argosy Partners Chairman Nonoy Colayco, MGreen President and CEO Dennis B. Jordan, ACWA Chairman Mohammad Abunayyan, ACWA CEO Marco Arcelli, ACWA VP Business Development for SSEA Salman Baray, and ACWA Senior BD Manager Sena Wahyudin

Meralco PowerGen Corporation (MGEN) and ACWA Power announced the signing of a strategic agreement to explore and develop renewable energy projects in the Philippines and the broader ASEAN region. Considered the world’s largest private water desalination company, ACWA Power is a leader in energy transition and a first mover in green hydrogen.

​The agreement was formalized on the sidelines of the ASEAN Summit in Kuala Lumpur, Malaysia reinforcing the parties’ shared commitment to advancing clean and sustainable energy solutions. The signing ceremony was led by MGEN President and CEO Emmanuel V. Rubio and ACWA Power CIO Thomas Brostrom, as well as senior executives from both companies, including MGreen President and CEO Dennis B. Jordan; MGEN CIO Marc Daniel K. Dy; ACWA Chairman Mohammad Abunayyan; ACWA CEO Marco Arcelli; and ACWA VP Business Development for SSEA Salman Baray.

“We are proud to work with a trusted partner like ACWA Power to further drive innovation and foster regional collaboration. At MGEN, our vision is clear—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. This partnership marks a notable step forward in our goal to expand MGEN’s renewable energy footprint by leveraging ACWA Power’s global expertise and cost leadership in solar PV development,” said MGEN President and CEO Emmanuel V. Rubio.

“This partnership is not only a testament to MGreen’s commitment to scaling up on clean energy projects, but also a strategic move to lean on the expertise of ACWA Power. We are optimistic that this collaboration will help us in identifying and realizing impactful renewable projects,” said Dennis B. Jordan, President and CEO of MGreen.

Under the agreement, ACWA Power and MGEN will collaborate to jointly develop renewable energy projects, particularly in solar energy. This partnership combines ACWA Power’s global leadership with 78.8 GW of capacity including record solar tariffs and MGEN’s Philippine expertise across 4,953 MW of diversified assets. Together, the companies aim to advance utility-scale renewable projects to accelerate the Philippines’ energy transition and ASEAN’s sustainable development.
 
ACWA Power CIO, Thomas Brostrom shared, “This agreement represents our entry into the Philippines, in partnership with MGEN, which marks a major milestone in ACWA Power’s expansion across Southeast Asia. This collaboration combines our global expertise in renewable energy with MGEN’s local knowledge, enabling us to deliver reliable, affordable, and sustainable power solutions that support the country’s shift towards a low-carbon future”.
 
Meralco PowerGen Corporation (MGEN) operates a diverse portfolio of power generation assets equipped with advanced technologies. Its main subsidiaries include Global Business Power (MThermal), MGEN Renewable Energy Inc. (MGreen), and MGEN Gas Energy Holdings, Inc. (MNatural Gas). Additionally, MGEN holds stakes in PacificLight Power (PLP), a Liquefied Natural Gas facility in Singapore, and SP New Energy Corporation (SPNEC), a renewable energy company. Recently, MGEN has invested a 40.2% stake in an integrated LNG facility in Batangas, Philippines. Across its portfolio, MGEN has a combined net sellable capacity of 4,953 MW from traditional and renewable sources as of March 2025.

ACWA Power (TADAWUL:2082) is a Saudi-listed company and the world’s largest private water desalination company, the first mover into green hydrogen, and a leader in the global energy transition. Registered and established in 2004 in Riyadh, Saudi Arabia, ACWA Power employs over 4,000 people and is currently present in 14 countries in the Middle East, Africa, Central Asia, and Southeast Asia. ACWA Power’s portfolio comprises 101 projects in operation, advanced development, or under construction with an investment value of SAR 403 billion (USD 107.5 billion) and the capacity to generate 78.9GW of power and manage 9.5 million m3/day of desalinated water. This energy and water are delivered on a bulk basis to address the needs of state utilities and industries on long-term, off-taker contracts under utility services outsourcing and public-private partnership models.