The Department of Energy (DOE) looks to attract more renewable energy (RE) investors in the wake of the release of the terms of reference (TOR) under the second iteration of the country’s green energy auction (GEA) program.
The projects cover programs that must be completed from 2024 to 2026.
Under the GEA, renewable energy producers compete for incentivized but fixed power rates by offering the lowest price for a government-specified capacity.
The DOE said it to attract as much as 11,600 megawatts (MW) of additional capacity with the release of the TOR.
The first iteration of the GEA was opened in June last year for an initial 2,000 MW worth of capacity.
Under GEA-2, the DOE said the projects to be completed by 2024 requires the generation of 3,600 MW of power distributed as ground-mounted solar, roof-mounted solar, onshore wind and biomass technologies.
Another 3,600 MW will be auctioned for projects that must be completed by 2025 for technologies also using ground-mounted solar, roof-mounted solar, onshore wind and biomass.
A total of 4,400 MW is being bid out for completion by 2026 for projects using ground-mounted solar, roof-mounted solar, floating solar, onshore wind, biomass and waste-to-energy.
The TOR requires supply contracts 20 years long beginning from the date of commercial operation of the renewable energy projects.
Qualified suppliers intending to participate are expected to register with the DOE even as the Energy Regulatory Commission is set to release the Green Energy Auction Reserve prices under GEA-2 on or before April 27.
Earlier, the DOE bared preparing for GEA-3 by the fourth quarter this year which will involve geothermal and impounding hydro technologies although its capacity is yet to be decided.
