The Philippine government achieved a success rate of about 98.35 percent in its first renewable energy auction as it secured 1,490 MW of solar and 374 MW of wind.
In total, the Department of Energy (DOE) has awarded 1,966.93 MW of renewable energy capacity in three regions, Luzon, Visayas and Mindanao, against a target of 2,000 MW.
Initially, a total of 230 MW of biomass was provided, but only 3.4 MW was awarded. Hydro incentives are just under 100 megawatts, while the target is 130 megawatts.
Strong interest in solar made up for this, as DOE awarded more capacity than the 1,260 megawatts originally planned.
Local developer Solar Philippines ended up being the biggest winner of the auction, securing 1,380 MW of the 1,967 MW of winning capacity, or 70% of the total. In addition, it received a 91% solar incentive — 1,350 MW.
The company separately said it will procure a portion of the first 500-megawatt project to be developed by Solar Philippines Nueva Ecija Corporation (SPNEC). The balance will come from the parent company's planned asset-for-stock exchange with SPNEC, including Tarlac-2 (400 MW), Quezon (800 MW), Leyte (400 MW) and GenSan (200 MW).
This means that Solar Philippines has now contracted over 6 GW of solar capacity.
