Solar firm to supply Angeles Electric

SOLAR Philippines Nueva Ecija Corp. (SPNEC) has signed a power supply agreement (PSA) with Angeles Electric Corp. (AEC), the third largest distribution utility in Luzon, to be sourced from SPNEC’s Nueva Ecija solar farm.

Based on the terms published (DoE) website, SPNEC will supply on the Department of Energy AEC approximately 97.8 megawatt hours per day from 6 a.m. to 6 p.m. for 10 years.

This will provide SPNEC a base of contracted revenues, while selling 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) in support of DoE’s Renewable Portfolio Standard program, with SPNEC emerging as the most competitive among five bidders.

“We wish to thank Angeles Electric for conducting a very professional CSP that will benefit the consumers of Angeles City. We’re grateful for this opportunity to work with Angeles Electric, a pioneer of the solar industry in 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 country’s great demand for renewable energy,” he added.

The supply deal comes as SPNEC is 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 gigawatts (GW) of developments, according to DoE figures.

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