Having announced last month that it is making preparations to satisfy the requirements of potential off-takers, Solar Philippines has submitted offers to substantially contract its 10 GW of developments.
These offers are pending the approval of off-takers and regulators. 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.
Aside from the planned 500 MW Nueva Ecija Solar Farm of Solar Philippines Nueva Ecija Corporation (SPNEC), these developments are held by companies with shares subject to the asset-for-share swap between SPNEC and Solar Philippines (SP Entities).
The largest of these is Terra Solar Philippines, Inc., a joint venture with Prime Infra that plans to construct
3.5 GW of solar and 4.5 GWh of battery storage to supply Meralco 850 MW from 8 AM to 9 PM, on a firm basis like a conventional mid-merit power plant. This has been touted to be the “world’s largest solar project” and would be more than 2X the total capacity of solar operating in the Philippines today.
Other SP Entities include Solar Philippines Batangas Baseload Corporation, which is developing an up to 2 GW solar project with battery storage; Solar Philippines Central Luzon Corporation, a joint venture with AC Energy; Solar Philippines South Luzon Corporation; and Solar Philippines Visayas Corporation.
These are among other SP Entities in the published List of Qualified Bidders of the Department of Energy (DOE) 2 GW Green Energy Auction Program (GEAP). The DOE is scheduled to post the GEAP’s Notice of Award on or before June 24.
These are in addition to earlier projects of Solar Philippines, which include 63 MW operating under Solar Philippines Calatagan Corporation, a joint venture with Korea Electric Power Corporation; and 100 MW operating plus expansions under Solar Philippines Tarlac Corporation and Solar Philippines Tanauan Corporation, which are also joint ventures with Prime Infra with Meralco Power Supply Agreements.
Altogether, SPNEC aims to complete the development of 10 GW of solar projects by 2025, which would help address the country’s potential power shortage, and represent a significant increase from the country’s grid-connected solar capacity of 1,127.3 MW as of December 2021 according to DOE figures.
“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,” said Solar Philippines founder Leandro Leviste.
