Renewable energy company Solar Philippines is currently in talks with potential buyers of the 10-gigawatt (GW) solar capacity it will be developing.
“If approved, Solar Philippines would potentially have 9 TWh/year of contracted energy, which would serve as a critical mass of demand enabling 10 GW of developments scheduled to commence operations mostly between 2025 to 2026,” Solar Philippines said in a disclosure to the Philippine Stock Exchange on Monday.
The biggest project Solar Philippines is offering is the 3.5 GW solar power project, and 4.5 gigawatt-hour (Gwh) battery storage project under Terra Solar Philippines, Inc. that will supply the Manila Electric Co. (MERALCO) 850 megawatts (MW) mid-merit supply.
The other projects included in the 10 GW capacity include the two-gigawatt solar project with battery storage of Solar Philippines Batangas Baseload Corporation, Solar Philippines Central Luzon Corporation, a joint venture with ACEN; Solar Philippines South Luzon Corporation; and Solar Philippines Visayas Corporation. These projects are also among the qualified bidders of the Department of Energy’s Green Energy Auction Program (GEAP).
These projects are on top of Solar Philippines’ current portfolio, which includes the 63 MW Solar Philippines Calatagan Corporation, a joint venture with Korea Electric Power Corporation; and the 100 MW Solar Philippines Tarlac Corporation and Solar Philippines Tanauan Corporation, joint ventures with Prime Infra Infrastructure Holdings, Inc.
Solar Philippines looks to complete the development of the 10 GW solar projects by 2025. The company said the capacity is seen to “help address the country’s potential power shortage and represent a significant increase from the country’s grid-connected solar capacity.”
“While we have been constrained from commenting on our projects due to ongoing contracting processes, we look forward to sharing more details in the coming days, and so give a better picture of what SPNEC will look like after the asset-for-share swap,” Solar Philippines founder Leandro Leviste said in a statement.