The Manila Electric Co. (Meralco) on Monday said its bid to find 500 megawatts of renewable energy under the competitive selection process has attracted the interest of two solar power firms and one hydro power company.
Lawrence Fernandez, Meralco vice president and head of utility economics department, said in a text message the pre-bid conference last Friday was attended by representatives from Gigasol 3, Santa Cruz Solar and San Roque Hydro Power.
The CSP will help Meralco source an increasing portion of its supply requirements from renewable energy sources comply and meet its commitment under the Renewable Portfolio Standards.
The 10-year power supply agreement resulting from the CSP will cover Meralco’s 350-MW mid-merit requirement starting February 2025 that also requires an additional 150 MW beginning February 2026.
As part of its long-term sustainability program, Meralco contracted 1,880 MW of renewable energy capacity from various suppliers and exceeded its target capacity of 1,500 MW.
Meralco’s renewable energy sourcing program is projected to equal 22 percent of the portfolio by 2030.
Apart from the CSP, Meralco is also looking to acquire 600 MW worth of baseload capacity to meet a 15-year power supply agreement targeted to start on 26 August 2025.
