SPNEC to supply 97.8 MWh per day in Philippines’ Central Luzon
The company beat five other bidders that vied for the Angeles Electric Corp.’s supply deal.
Solar Philippines Nueva Ecija Corp. (SPNEC) will be supplying Central Luzon 97.8 megawatt-hours per day for the next ten years after it won the supply deal with Angeles Electric Corporation (AEC).
The SPNEC outperformed five other bidders that vied for the Renewable Power Supply Agreement with AEC, which is the third-largest distribution utility in Luzon.
“The contracting of the first phase of our solar farm shows that renewable energy in the Philippines is a supply-constrained market,” Solar Philippines founder Leandro Leviste said.
“This reinforces our drive to expand SPNEC’s capacity, to meet the great demand for renewable energy in the Philippines.”
The SPNEC noted the awarding of the agreement marked its first step in supplying renewable energy in its home region, Central Luzon.
SPNEC is currently in the process of finalising its asset-for-share swap with its parent company, Solar Philippines. This will allow the company to acquire more than 20 solar project companies, including over 10-gigawatt (GW) projects under development.
This is in line with the Department of Energy’s target to source 35% of the Philippines’ energy from renewables by 2030 with solar accounting for 20GW of the demand.