Philippines awards 1.5 GW of solar PV in maiden renewables auction

• Nearly 1.5 GW of solar PV in the Philippines has actually been gotten via the nation's new renewables auction round.

The outcomes of the auction, verified by the nation's Department of Energy (DOE), reveal that almost 2GW of renewables projects were awarded contracts with the Green Auction Program and also are now gotten to deliver power from 2023 until 2025.

Agreements are to be struck at prices lower than or equal to an auction book rate set by the nation's Energy Regulatory Commission. The resulting cost will certainly be additionally made use of as benchmark rate for renewables to "show the present worth of electrical energy", the energy division claimed.

Projects to be granted contracts lie on three areas of the Philippines, namely Luzon, Visayas and also Mindanao. Greater than 1GW of solar PV will be supported through the mechanism in Luzon, while 300MW and also 120MW of solar PV will certainly be supported in Visayas and Mindanao specifically.

Local developer Solar Philippines secured the significant bulk of contracts awarded to solar PV, protecting assistance for three projects in Luzon with an integrated capacity of 930MW in addition to both the projects in Visayas and also Mindanao.

Various other solar PV champions consist of PAVI Green as well as Greenergy Solutions.

Recently Solar Philippines exposed plans to establish up to 10GW of solar PV in the nation with projects set to come online in between 2025 and 2026.

Green Auction Program tenders are to be performed on a yearly basis under the Philippines' decarbonisation agenda and also the DOE has encouraged events not successful in this round to take part in future rounds.