Through the acquisition, GEA-BEAC allocated 1,870.8 MW of ground-mounted solar power capacity and 90 MW of floating solar power. Selected developers secure 20-year power purchase agreements.
GEA-BEAC allocated 1,870.8 MW of ground-mounted solar capacity and 90 MW of floating solar energy. It also provided about 10 MW of rooftop electricity capacity and 960.28 MW of onshore wind power.
It was originally planned to allocate around 11.6 GW of renewable energy capacity, meaning the auction was largely undersubscribed.
“The winners were ranked based on their bids from the lowest to the highest bid price and stacked to match the corresponding (renewable energy) technology per grid,” the authority said in a statement.
Selected developers secure 20-year power purchase agreements.
In the first procurement procedure in the Philippines, which ended in June 2022, the authorities allocated 2 GW of renewable energy capacity, of which 1.49 GW came from solar power.