Solar Philippines, through its unit Solar Philippines Batangas Baseload Corporation (SPBBC), is offering 200 megawatts (MW) of baseload capacity to Manila Electric Co. (MERALCO).
SPPC has been granted an original proponent status for the solar project, which comes with an installation of at least 1,800MW of solar capacity and 1800 MW-hour battery storage in Nasugbu, Tuy, and Balayan, Batangas.
The solar project is set to operate on a 24/7 basis at a larger scale and would replace a 200 MW coal power plant. The proposed power supply agreement contract is 20 years at a fixed rate of Php 4.65 per kilowatt hour (kWh), inclusive of value-added tax and other charges.
In a statement, SPPC said that its offer supply is estimated to be 20% to 40% cheaper than the cost of fossil fuel generation in the Philippines.
“We are grateful for this opportunity to show that solar with batteries can deliver cost-competitive baseload. We thank Meralco for leading the market in the adoption of renewable energy and look forward to seeing this project realized for the benefit of consumers,” Solar Philippines founder Leandro Leviste said in a statement.
The 200 MW solar project would complete Solar Philippines’ targeted nine terawatt-hours per year. It is said to be “the world’s first gigawatt-scale solar baseload project.” \
SPBBC is said to be added to Solar Philippines Nueva Ecija Corporation (SPNEC)’s portfolio as part of the company’s asset-for-share swap.
In related developments, SPNEC has received a green light to conduct its Php 3.3 billion stock rights offering (SRO) from August 30 to September 5, 2022.
