Solar Philippines seeks approval of offers for 10 GW of contracts

Solar Philippines Nueva Ecija Corporation (PSE:SPNEC), the listed subsidiary of solar developer Solar Philippines, announced on Monday that it has submitted offers to contract 10 GW of projects.

SPNEC said in a bourse filing that these offers, representing 9 TWh of contracted annual power generation, are now pending the approval of off-takers and regulators.

As announced in January, SPNEC plans certain asset-for-share swaps with its parent company as part of pursuing its goal of developing 10 GW of solar projects. Aside from the planned 500-MW Nueva Ecija solar farm, the newly-submitted offers relate to developments in that particular asset-for-share swap package.

The largest project involves the installation of 3.5 GW of solar panels and 4.5 GWh of battery storage by Terra Solar Philippines Inc, a joint venture with Prime Infra. This solar-plus-storage complex is planned to supply electricity to Manila Electric Company, also known as Meralco, from an 850 MW portion of its total capacity. In addition, Solar Philippines Batangas Baseload Corporation is developing an up-to-2-GW solar project with storage capacity.

SPNEC noted that these and other entities were among the qualified bidders for the Department of Energy’s (DOE) green energy auction programme targeting 2 GW. The tender awards are expected to be announced by June 24.

“While we have been constrained from commenting on our projects due to ongoing contracting processes, we look forward to share more details in the coming days, and so give a better picture of what SPNEC will look like after the asset-for-share swap,” said Solar Philippines founder Leandro Leviste.

Choose your newsletter by Renewables Now. Join for free!