Solar Philippines cornered 91 percent of the power supply agreements (PSAs) recently awarded by the Department of Energy, boosting the Leviste-owned company's dominance in the local solar energy industry.
In a statement to the media, the company emphasized that out of the 1,490 megawatts of awarded PSAs for solar technology across Luzon, Visayas and Mindanao grids, Solar Philippines cornered 91-percent of the contracts for aggregate capacity of 1,350MW.
The supply contracts for solar bagged by the Leviste-founded company include the 500MW project of publicly listed subsidiary Solar Philippines Nueva Ecija Corporation (SPNEC); as well as the 400MW Tarlac-2; 800MW Quezon; 400 MW Leyte; and the 200MW GenSan solar farm ventures.
Solar Philippines explained that under the terms of reference (TOR) laid down by the Department of Energy (DOE) which administered the RE auction, “bid capacities refer to net export and not plant gross capacities.”
The other supply contract won by Solar Philippines is a 30MW installation for a wind farm project to be developed by its subsidiary Solar Philippines Calatagan Corporation.
With the new contracts it secured from the Green Energy Auction Program (GEAP) of the government, Solar Philippines will have its hands full on the construction of solar projects in the years ahead to comply with prescribed delivery dates of the required generated capacity.
Apart from the DOE-awarded PSAs for solar and wind projects, Solar Philippines is the other half of the Terra Solar tandem which is in a negotiated deal for a 20-year PSA with Manila Electric Company (Meralco) – and that requires the development of 3,500MW solar projects and up to 4,500 gigawatt-hour battery storage to satiate the supply of 850MW mid-merit capacity to the utility firm.
“This brings the total capacity of substantially contracted Solar Philippines projects to over 6 gigawatts -- including the 3.5 GW solar, 4.5 GWh battery Terra Solar project,” Solar Philippines noted.
Solar Philippines founder Leandro Leviste asserted that “when we began talking about 10GW, many were in disbelief, because the total installed solar capacity of the Philippines last year was just over 1.1 GW. But we hope that having contracts for the majority of 10 GW has now made this plausible.”
Beyond these new contracts, Solar Philippines specified that it has another “200MW of projects contracted with Meralco; and over 175 MW of already operational capacity.”
The company is also teasing the media on “at least one more power supply offer to be disclosed,” adding that “this would complete its potentially 9-terrawatt hour (TWh) per year of contracted energy.”
Solar Philippines said it is sustaining its goal for 10,000MW (or 10GW) of PSA-underpinned solar developments that will be reaching commercial operations date between 2025 to 2026.
“We have contracted this capacity, we look forward to work with other companies and stakeholders to deliver these projects and help achieve our country’s targets for renewable energy,” Leviste stressed.