Nearly 1.5GW of solar PV in the Philippines has been contracted through the country’s new renewables auction round.
The results of the auction, confirmed by the country’s Department of Energy (DOE), show that nearly 2GW of renewables projects were awarded contracts through the Green Auction Program and are now contracted to deliver power from 2023 until 2025.
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Contracts are to be struck at prices lower than or equal to an auction reserve price set by the country’s Energy Regulatory Commission. The resulting price will be further used as benchmark price for renewables to “reflect the current value of electricity”, the energy department said.
Projects to be awarded contracts are located on three regions of the Philippines, namely Luzon, Visayas and Mindanao. More than 1GW of solar PV will be supported through the mechanism in Luzon, while 300MW and 120MW of solar PV will be supported in Visayas and Mindanao respectively.
Local developer Solar Philippines secured the significant majority of contracts awarded to solar PV, securing support for three projects in Luzon with a combined capacity of 930MW as well as both the projects in Visayas and Mindanao.
Other solar PV winners include PAVI Green and Greenergy Solutions.
Last week Solar Philippines revealed plans to develop up to 10GW of solar PV in the country with projects set to come online between 2025 and 2026.
Green Auction Program tenders are to be conducted on a yearly basis under the Philippines’ decarbonisation agenda and the DOE has encouraged parties unsuccessful in this round to participate in future rounds.