A green energy auction in the Philippines has secured 9.4GW of renewable energy capacity subscriptions.
The results of the Southeast Asian country’s Fourth Green Energy Auction (GEA-4) published last week showed an 88% subscription rate from an installation target of 10.65GW.
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According to the Philippines Department of Energy, the awarded projects covered various renewable energy technologies, including ground-mounted, rooftop and floating solar, onshore wind and integrated solar with energy storage systems (IRESS).
A total of 111 bids were accepted, in what the department described as a “robust” private sector response to the auction.
However, various segments of the auction were undersubscribed, notably floating solar, onshore wind and IRESS.
The department said these unsubscribed installation targets would be offered for subscription to other qualified bidders with accepted bids that exceeded the initial targets. “This mechanism ensures that unsubscribed installation targets are maximised under GEA-4, and no opportunity for [renewable energy] development is left unutilised,” the department said in a statement.
Projects awarded under GEA-4 are expected to start delivery between 2026 and 2029, contributing to the Philippines’ target of achieving a 35% share of renewable energy in the power system by 2030 and 50% by 2040.
According to the previously published terms of reference for the auction, successful developers will get 20-year supply contracts with the government for projects in Luzon, Visayas and Mindanao, with commercial operation dates in 2026, 2027, 2028 and 2029.
Reserve prices set for the auction by the Philippines Energy Regulation Commission were PHP4.4832/kWh (US$0.079/kWh) for rooftop solar, PHP5.6800/kWh for ground-mounted solar, PHP6.5258/kWh for floating solar, PHP6.0859/kWh for onshore wind and PHP5.4028/kWh for solar battery energy storage systems.
“The results of GEA-4 affirm the strong partnership between government and the private sector in driving RE deployment. By securing over 9,000MW of new clean energy commitments, and by offering unsubscribed installation targets to other eligible bidders, we are ensuring that our transition is ambitious, inclusive, and resilient,” said Philippines energy secretary Sharon S. Garin.
