SunAsia Energy Inc. and VinEnergo have partnered to develop a 422-MWp solar on Water portfolio across Pampanga and Negros Occidental, Philippines. The portfolio comprises three floating solar projects representing an estimated investment of $406 million. The projects are targeted for commercial operation between 2027 and 2028. Once operational, the projects are expected to generate clean electricity to power more than 278,000 homes annually.
Furthermore, the projects will help offset around 460,888 tonnes of carbon emissions annually. The projects will deploy Solar on Stilts technology, enabling aquaculture and fishpond operations to continue beneath the elevated solar installations. Over the next 18 months, both the companies will advance engineering and development activities, including the installation of nearly 700,000 solar panels and approximately 62 km of new transmission lines.
In December 2025, Masdar signed a power purchase agreement (PPA) to develop a 200 MW floating solar project at the Chereh dam in Pahang state, Malaysia. The project will be implemented by a consortium led by Masdar, along with Citaglobal and Tiza Global, and the agreement has been executed with Tenaga Nasional Berhad, Malaysia’s national utility company. Earlier, Sembcorp Industries was selected by PUB, Singapore’s National Water Agency, to develop an 86 MWp floating solar photovoltaic project on Pandan Reservoir.
REGlobal’s Views: Southeast Asian countries, particularly, are witnessing a significant rise in floating solar activity owing to ample water bodies and land scarcity. The Philippines has also emerged as an important destination for floating solar development due to ample lakes and reservoirs. The attractive cost economics of floating solar in the country has increased their demand not just in the utility-scale space but also in the C&I space.