Power utility giant Manila Electric Co. and Solar Philippines are seeking regulatory approval for their power supply agreement covering the supply of up to 85 megawatts
The capacity will be sold at a rate of P2.9999 per kilowatt-hour (kWh) and will be sourced from Solar Philippines Tarlac Corp. (SPTC), which is building a 150-MW solar farm in Concepcion, Tarlac.
Meralco said the rate offered by Solar Philippines was significantly lower than the prevailing solar feed in tariff (FIT) rate of P8.69 per kWh and the P3.50 per kWh offer of Citicore Power Inc.
?Effectivity of the PSA is upon approval by the Energy Regulatory Commission (ERC). Both parties are committed to file the ERC application for approval of the PSA on or before October 20, 2017 and secure the ERC?s issuance of a provisional authority, in time for an implementation of the PSA by January 2018,? Meralco said.