PH’s Fourth Green Energy Auction sees 88% subscription rate

The initial auction received strong developer interest.

The Philippines’ Department of Energy (DOE) saw strong interest from investors for its Fourth Green Energy Auction (GEA-4) with an 88% subscription rate.

“The preliminary auction results demonstrated strong developer interest, with 9,423.622 megawatts (MW) of renewable energy capacities subscribed against an installation target of 10,653 MW,” the department said.

The fourth GEA covered multiple technologies, including ground-mounted, roof-mounted, floating solar, onshore wind, and integrated solar with energy storage systems (IRESS). These commitments came from a total of 111 accepted bids.

On the other hand, there were still un-subscribed installation targets, notably floating solar, onshore wind, and IRESS. In accordance with Section 7.3.7.2 of the GEA-4 TOR, these will be offered for subscription to other Qualified Bidders with accepted bids that exceeded the initial targets.

Projects awarded under GEA-4 are expected to start delivery between 2026 and 2029.

The country has committed to achieving a 35% renewable energy share in the power generation mix by 2030, 50% by 2040, and more than 50% by 2050.