VinEnergo partners with SunAsia Energy to develop Solar-on-Water projects integrated with aquaculture in the Philippines

With expected lifetime revenues exceeding USD 1.5B, the projects will drive job creation, catalyze infrastructure investment, and strengthen the Philippines' energy security.

Between 2027 and 2028, VinEnergo and SunAsia Energy plan to bring three flagship projects into operation, with a combined installed capacity of 422MWp. These are projects located in Macabebe, Pampanga (181 MWp), Sagay (126 MWp) and Silay (115MWp), both in Negros Occidental Province.

The partnership aims to deliver reliable renewable energy to the national grid, while supporting the Philippines' goals of strengthening energy security, reducing carbon emissions, and promoting local economic development. Once operational, the projects are expected to supply electricity to approximately 278,000 households and reduce carbon emissions by more than 460,000 tons annually, equivalent to planting around 21 million trees.

Over the next 18 months, VinEnergo will work closely with SunAsia Energy on engineering design and project implementation. This phase will include the selection of engineers, technology providers, and contractors to install nearly 700,000 solar panels mounted on pile structures, as well as approximately 62 kilometers of new transmission lines across Negros and Pampanga.

The project portfolio will utilize the Solar on Stilts technology, in which solar panels are mounted on pile-supported structures above the water surface, enabling the integration of clean power generation with aquaculture activities. This approach effectively leverages the Philippines' strong potential for combining renewable energy development with agriculture and fisheries, while serving as a model for future sustainable energy projects. It also aligns with VinEnergo's strategy of advancing the Food-Energy-Water Nexus to optimize resource use and create long-term value for communities.

ING and SGV & Co. acted as exclusive M&A advisors to VinEnergo and SunAsia, respectively.

Mr. Nguyen Anh Khoa, Chief Executive Officer of VinEnergo, said: "Our partnership with SunAsia Energy on this strategic project portfolio is a clear demonstration of VinEnergo's regional growth ambitions. We are proud to bring forward solutions that combine sustainable energy development with responsible resource utilization. Floating solar not only contributes to addressing energy security challenges, but also provides a valuable opportunity to share Vietnam's development experience in protecting local livelihoods and fostering the parallel growth of the energy and agricultural sectors."

Ms. Tetchi Capellan, Chief Executive Officer and Chairperson of SunAsia Energy Inc., said: "This partnership is driven by the shared commitment of SunAsia Energy and VinEnergo to strengthen energy security, support economic growth, improve people's lives, and help protect the planet. Through the Floating Solar model, we are not only developing renewable energy infrastructure but also creating a framework where food production and clean energy generation can thrive together."

The announcement of this strategic partnership comes as the Philippines hosts the ASEAN Summit, underscoring VinEnergo's role in advancing cross-border collaboration to address energy and climate challenges. It also marks an important milestone in VinEnergo's international expansion strategy, while highlighting the capabilities of Vietnamese enterprises in developing pioneering renewable energy models that contribute to ASEAN's and the world's sustainable energy transition goals.

Hashtag: #VinEnergo #SunAsiaEnergy #SolarOnWater

The issuer is solely responsible for the content of this announcement.

About VinEnergo

VinEnergo is a leading Vietnamese energy developer focused on investing in and developing large-scale energy projects to accelerate the sustainable energy transition in Vietnam and across the region. With innovation at the core of its strategy, VinEnergo develops projects that deliver positive socio-economic impact while leading the deployment of integrated solutions that combine renewable energy, baseload power, and battery energy storage systems (BESS) to build a greener, more stable, and more reliable energy system.

About SunAsia Energy Inc.

SunAsia Energy Inc. is a Philippine renewable energy developer focused on innovative clean energy and solar solutions, including floating solar, Solar on Water, and other renewable energy projects that support the country's clean energy transition.