Scatec, a renewable energy company, together with its joint venture partner Aboitiz Renewables, has been awarded a 20-year Power Purchase Agreement (PPA) for a 68 MW floating solar project in the Philippines. The project will be developed through their joint venture, SN Aboitiz Power (SNAP), where Scatec holds a 50% stake. This award was granted under the Department of Energy’s Green Energy Auction Program 4 (GEA 4) and represents a significant step in expanding renewable energy capacity in the country.
The floating solar plant will be installed on the Magat reservoir in Isabela province, a site that already hosts substantial renewable energy infrastructure. SNAP operates a 388 MW impoundment hydropower facility, an 8.5 MW run-of-river hydropower plant, and a 24 MW battery energy storage system (BESS) in the same area. The combination of floating solar and existing hydropower demonstrates the potential for hybrid renewable energy solutions, which efficiently integrate different energy sources while minimizing land use.
Terje Pilskog, CEO of Scatec, emphasized that the project strengthens the company’s platform in the Philippines and highlights its ability to scale innovative renewable energy solutions. He noted that floating solar on hydropower reservoirs is an effective way to add clean energy capacity with strong grid integration and minimal environmental impact.
The Magat floating solar project will contribute to the Philippines’ national renewable energy goals, supporting efforts to achieve a 35% renewable energy share by 2030 and 50% by 2040. The project also aligns with Scatec’s strategic plan to expand its solar and storage portfolio in the country. SNAP currently has 56 MW of BESS under construction and an additional 80 MW in backlog, reflecting the growing focus on integrating energy storage with renewable generation.
The project is expected to reach financial close in 2026, with construction starting the same year. Commercial operations are targeted for 2027. The floating solar installation will use proven technology with a strong track record in Southeast Asia, ensuring reliable performance and long-term operational stability. Additional information on project financing and capital expenditure will be shared at financial close. This development marks an important milestone in the Philippines’ journey toward sustainable and scalable renewable energy solutions.
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