SunAsia Energy Inc. has teamed up with Vietnam's VinEnergo to invest approximately $406 million (P24.5 billion) in a portfolio of solar projects built over water bodies, including fishponds, according to Philstar Biz.
The solar-on-water projects, also known as floating solar farms, will be developed across multiple sites in the Philippines. The partnership aims to leverage VinEnergo's technical expertise and SunAsia's local knowledge to accelerate the deployment of renewable energy on underutilized water surfaces.
The investment comes as the Philippines seeks to expand its renewable energy capacity and reduce dependence on fossil fuels. Floating solar installations offer advantages such as higher efficiency due to water cooling and reduced land use conflicts.