SP New Energy Corp. (SPNEC) is committed to relocate the 280-megawatt solar project it won under the first round of the Green Energy Auction (GEA-1) elsewhere in Luzon where the transmission line is not a problem and can make full use of its services.
This was stressed on Tuesday by SPNEC president and chief executive officer Emmanuel Rubio who told reporters the enterprise has asked the Department of Energy (DOE) to terminate the 280-MW Sta. Rosa solar project awarded the company under the GEA.
In August, SPNEC asked the DOE to terminate the Sta. Rosa solar project in Nueva Ecija, citing transmission problems the company acknowledged as beyond its control.
“We have to look for a new (service area) since I don’t know when the transmission line is going to be available,” Rubio said.
The SPNEC Sta. Rosa solar project was among the first renewable energy projects to enjoy benefits under GEA with a winning bid of P3.67 a kilowatt hour and target delivery date of 25 December 2025.
“We are actually willing to replace the capacity in other areas where we can evacuate the energy. But we will ask the DOE to consider a level of repricing and we are willing to accept concessions on the penalties,” Rubio said.
GEA-1 in June 2022 attracted 1,996.93 MW worth of bids comprising 1,490.38 MW ground-mounted solar, 374 MW of onshore wind, 99.15 MW of hydro, and 3.4 MW of biomass.
Under GEA, renewable energy companies compete by offering prices lower than or equal to reserve prices set by the Energy Regulatory Commission.
