The Energy Regulatory Commission (ERC) has granted Manila Electric Co. (Meralco) provisional authority to implement power supply agreements (PSAs) with renewable energy (RE) providers Gigasol 3 Inc. and San Roque Hydro Power Inc. (SRHI). The contracts, which cover a total capacity of 479 megawatts (MW), were set at a fixed rate of P5.1908 per kilowatt hour (kWh), with no adjustments or escalations.
The PSAs were approved following a competitive selection process (CSP) of 500 MW of renewable energy that Meralco sought last July. As part of the agreement, Gigasol 3, a solar power developer under the Ayala Group’s ACEN Corp., will supply 139 MW of electricity over a 10-year period. Gigasol 3 is developing a solar project in Zambales, with the first 10 MW slated to come online by February 2025, and the remaining 129 MW by February 2026.
Meanwhile, SRHI, a subsidiary of San Miguel Corp., will provide 340 MW from its hydroelectric facility in Pangasinan.
The provisional authority granted by the ERC allows the companies to begin operations while awaiting the formal issuance of their certificates of compliance. The agreements mark a significant step in Meralco’s ongoing efforts to diversify its energy portfolio and increase its use of renewable sources.
