Solar Philippines Wins RE Supply Deal For Nueva Ecija Solar Farm

Solar Philippines Nueva Ecija Corporation (SPNEC) has signed a Renewable Power Supply Agreement (PSA) with Angeles Electric Corporation (AEC), the third-largest distribution utility in Luzon. This marks SPNEC’s first step towards supplying renewable energy to its home region of Central Luzon.

Photo Insert: The signing of the renewable power supply agreement marks SPNEC’s first step towards supplying renewable energy to its home region of Central Luzon.

Based on the terms published on the Department of Energy (DOE) website, SPNEC would supply AEC approximately 97.8 MWh per day from 6am to 6pm for 10 years. This would provide SPNEC a base of contracted revenues, while being able to sell the rest of its energy to the spot market or other off-takers.

AEC awarded the PSA as the result of a Competitive Selection Process (CSP), with SPNEC emerging as the most competitive among five bidders. This comes as several more CSPs are being planned in support of the DOE’s Renewable Portfolio Standard program.

“We wish to thank Angeles Electric for conducting a very professional CSP that will benefit the consumers of Angeles City. We are grateful for this opportunity to work with Angeles Electric, which is a pioneer of the solar industry of the Philippines,” Solar Philippines founder Leandro Leviste said.

“The contracting of the first phase of our solar farm shows that renewable energy in the Philippines is a supply-constrained market. This reinforces our drive to expand SPNEC’s capacity, to meet the great demand for renewable energy in the Philippines,” Leviste added.

SPNEC is currently finalizing plans for an asset-for-share swap with its parent, Solar Philippines, which may enable SPNEC to acquire over 20 solar project companies, including over 10 GW of projects in development according to DOE figures.

These aim to support the DOE’s target to source 35% of the country’s energy from renewables by 2030, which would translate to demand for over 20 GW of solar.

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