The Manila Electric Company (Meralco) has floated a tender to contract 850 MW of renewable energy-producing capacity. The power company is seeking proposals for approximately 600 MW of capacity to start providing power in February 2026, and another 250 MW to commence commercial operations in February 2027, as part of the procurement process.
The utility used a recent bid by Terra Solar, a joint venture between Prime Infrastructure Capital Inc and Solar Philippines Power Project Holdings Inc, as a benchmark for the bids, which proposed to build 2 GW of PV and 4 GWh of storage at a levelised cost of energy of $0.12 per kWh. A 20-year power purchase agreement will be granted to the winning bidders. Developers that are interested must submit their expressions of interest by February 2, 2022.
The Philippine government also intends to implement a Green Energy Tariff Program auction mechanism, with the goal of allocating 2 GW of renewable energy capacity. By 2030, the country intends to install 15 GW of clean energy. According to projections from the International Renewable Energy Agency, the Philippines had an installed PV capacity of 1.04GW at the end of 2020, fuelled by the country’s renewable energy law.