MANILA, Philippines – Energy developers bid 7,530.887 megawatts (MW) in renewable energy (RE) capacity in the third round of the Green Energy Auction (GEA-3), exceeding the government’s target capacity of 4,650 MW.
The Department of Energy’s (DOE) GEA program seeks to promote RE as one of the Philippines’ primary energy sources towards energy self-reliance. The series of auctions aim to achieve competitive rates for RE supply.
The energy department received bids for 14 projects with a delivery period from 2025 to 2035.
The projects include impounding hydropower (550 MW offered capacity in Luzon, Visayas, and Mindanao grids), pumped-storage hydropower (6,950 MW offered capacity in Luzon and Visayas grids), and geothermal technologies (30.887 MW offered capacity in Luzon, Visayas, and Mindanao grids).
“The aggregate capacity of accepted bids underscores the growing confidence of investors and developers in the Philippine RE sector,” the DOE said in a statement on Wednesday, February 12. Once the Energy Regulatory Commission finishes its review of the price offers, the DOE will post the list of winning bidders on its website.
The GEA program hopes to increase RE’s share in the Philippines’ power generation mix from 22% in 2023 to 35% by 2030 and 50% by 2040.
On Tuesday, February 11, the DOE said that the country’s RE installed capacity in 2024 hit a record high of 794.36 MW. This exceeded combined RE capacity installed from 2021 to 2023.
Energy Secretary Raphael Lotilla said in a statement that the growth in RE capacity in 2024 marks the administration’s “commitment…to chart a more self-reliant energy future for the Philippines.”
With the conduct of the third round of auction done, the DOE is preparing for the release of the fourth round’s terms of reference within February. The fourth round of auction will include solar power plants with battery energy storage systems.
More solar power for SM Malls
Meantime, SM Prime Holdings Incorporated signed an agreement on Tuesday with TeaM Energy Corporation to install 33,000 square meters of solar panels at SM City Lucena, SM City Sta. Mesa, SM City Tarlac, and SM City East Ortigas.
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The solar panels will supply 16% of electricity needs of each mall, the property giant said in a Philippine Stock Exchange (PSE) disclosure on Tuesday. The agreement will increase the number of SM malls with installed solar panels, currently at 44 out of 87 malls across the country.
SM Prime President Jeffrey Lim said this is “part of our long-term strategy to achieve our net-zero goals, enhance operational efficiency and contribute to a more sustainable business.”
The company said it expects to finish installation by end of 2025. – Rappler.com