Scatec joint venture awarded 68 MW floating solar project in Philippines

Scatec and its joint venture partner Aboitiz Renewables have secured a 20-year power purchase agreement for a 68 MW floating solar project in the Philippines. The project, awarded under the Department of Energy's Green Energy Auction Program 4, will be developed through SN Aboitiz Power (SNAP), Scatec's 50%-owned joint venture. This floating solar plant will be situated on the Magat reservoir in Isabela province, leveraging existing hydropower infrastructure.

The Magat floating solar project aligns with the Philippines' renewable energy targets of 35% by 2030 and 50% by 2040. It also supports Scatec's strategic aim to expand its solar and storage portfolio in the country.

Financial close and construction are slated for 2026, with commercial operations expected in 2027. Scatec confirmed the project will utilize proven floating installation technology.