Vietnam’s Vingroup signs several renewables deals in the Philippines

The Vietnamese conglomerate Vingroup, through its affiliate VinEnergo, has signed several agreements in the Philippines, including a Memorandum of Understanding (MoU) with Manila Electric Company (Meralco) and its power generation unit Meralco PowerGen Corporation (MGEN) to develop 5 GW of renewables and a strategic partnership with SunAsia Energy to build 420 MW of floating solar.

VinEnergo plans to build 5 GW of renewable energy base power for sale to Meralco and other electricity distributors and retailers in the Philippines at a target price of approximately USD17c/kWh (Vingroup, 23/06/2026). To achieve this goal, the parties may deploy approximately 25 GW of renewable energy capacity integrated with storage systems. VinEnergo’s partnership with Meralco and MGEN will support the Philippines’ energy transition by improving power reliability, security, and system resilience, while also highlighting renewable energy as a viable baseload source. The agreement also includes possible cooperation on electric vehicle charging infrastructure and related business models.

Under the strategic partnership with SunAsia Energy, VinEnergo will commission three projects using floating solar power systems on piles during the period 2027-2028 with a total installed capacity of 420 MW, including 181 MW in Macabebe (Pampanga province), 126 MW in Sagay city, and 115 MW in Silay city (both in Negros Occidental province) (Vingroup, 26/06/2026). VinEnergo and SunAsia Energy will spend the next 18 months designing and implementing the project, including hiring marine engineers and selecting suppliers and contractors for nearly 700,000 solar panels and about 62 km of new transmission lines in Negros and Pampanga.