The Advancing Renewable Energy through Floating Solar Photovoltaics (FPV) in the Philippines project aims to accelerate the country’s renewable energy transition by establishing an enabling environment for large-scale floating solar deployment. The project will support the Government of the Philippines in developing the country’s first bankable utility-scale FPV project on an existing National Irrigation Administration (NIA) dam while strengthening the policy, regulatory, technical, financial, and institutional frameworks needed to scale FPV investments nationwide.

In partnership with the NIA, Department of Energy (DOE), Korea Hydro & Nuclear Power (KHNP), and other stakeholders, the project will produce comprehensive landscape analysis, technical and financial feasibility studies, business and financing models, and investment advisory support. The project is expected to catalyze USD 300–350 million in investments for an estimated 300 MW FPV project while creating a replicable model for deploying floating solar across more than 100 NIA-managed reservoirs in the Philippines.

The project aims to accelerate the deployment of FPV systems in the Philippines by creating an enabling policy and investment environment and preparing the country’s first bankable large-scale FPV project. Working with NIA, DOE, and private sector partners, the project will develop the regulatory framework, technical feasibility studies, business and financing models, and investment package required to mobilize private investment. It will demonstrate the commercial viability of approximately 300 MW of floating solar capacity, catalyze USD 300–350 million in investments, and establish a scalable model for replicating FPV projects across the country’s irrigation reservoirs.

The Philippines continues to face increasing electricity demand while remaining heavily dependent on fossil fuels. Although renewable energy resources are abundant, coal remains the dominant source of electricity generation, and renewable energy contributes only a limited share of the country’s power mix. The government has committed to increasing renewable energy to 35% of the generation mix by 2030 and 50% by 2040, creating an urgent need to diversify renewable energy technologies and attract private investment.

FPV presents a significant opportunity because the Philippines has an estimated 42–108 GW of technical FPV potential while avoiding competition for scarce land resources. Despite this enormous potential, deployment remains limited due to policy gaps, regulatory uncertainty, limited technical experience, high investment costs, and the absence of proven business models.

NIA has identified more than 100 existing dams suitable for multipurpose development and estimates approximately 1,417 MW of floating solar potential across six priority reservoirs. Building on these opportunities, the project will develop enabling policies, technical studies, financing mechanisms, and investment framework required to prepare a bankable demonstration project and establish a scalable model for nationwide FPV deployment.

The project will enable the Philippines to move from identifying floating solar opportunities to securing investment for implementation. By strengthening the policy and regulatory environment, completing technical and financial due diligence, and developing an investment-ready business model, the project will support the achievement of a Final Investment Decision (FID) for a 300 MW floating solar project and mobilize approximately USD 300–350 million in investment commitments.

The project will also strengthen institutional capacity within NIA and DOE to plan, develop, and implement future floating solar projects. Through partnerships with KHNP, investors, financial institutions, and other stakeholders, it will establish standardized technical, environmental, financial, and procurement approaches that reduce project risks and improve investor confidence.

Beyond the demonstration project, the initiative will create a nationally replicable model that can be expanded across more than 100 NIA reservoirs, supporting the development of approximately 1,417 MW of identified floating solar potential and contributing to the Philippines’ long-term renewable energy, climate mitigation, and energy security objectives.