The Department of Energy (DOE) is seeking bids from renewable energy (RE) developers to install eight gigawatts (GW) of hydropower and geothermal supply in a new round of the Green Energy Auction Program (GEAP).
The energy department intends to issue the notice of guidelines and auction next month.
In a report by Reuters, the 8GW amounts to the unsubscribed share of the 11,600 MW of extra supply from the last bid for waste-to-energy resources, onshore wind, biomass, and solar.
During the last bidding, only 3, 580.76 MW were subscribed to by RE developers due to concerns about power transmission and a limited timeframe for installation as the government aimed to have additional supply present in the next three years.
In 2022, many renewable energy developers secured contracts to establish 2,000 MW of capacity in the initial tariffs-based auction held under the GEAP.
Under the Philippine Energy Plan, the Philippines aimed to increase the share of renewable energy in the power mix to 35% by 2030 and 50% by 2040.
To achieve this, the country opened 100% foreign ownership in the renewable energy sector. In doing so, local and foreign investors expressed interest in investing and delving into the renewable energy sector.