MANILA – Newly listed Solar Philippines Nueva Ecija Corp announced on Monday that it has signed an agreement to supply renewable energy to Luzon’s third-largest distribution utility.
SPNEC has signed a Renewable Energy Supply Agreement (PSA) with Angeles Electric Corp (AEC), it said in a statement to the stock exchange.
Under the agreement, SPNEC would supply AEC with approximately 97.8 MWh per day from 6 a.m. to 6 p.m. for 10 years, the company said.
This would provide SPNEC with a contract revenue base while being able to sell the rest of its power to the spot market or to buyers, he said.
The deal went through a competitive selection process (CSP), he said.
“We would like to thank Angeles Electric for conducting a very professional CSP that will benefit consumers in Angeles City. We are grateful for this opportunity to work with Angeles Electric, which is a pioneer in the solar industry in the Philippines,” said said Solar Philippines founder Leandro Leviste.
“The contract for the first phase of our solar park shows that renewable energy in the Philippines is a limited supply market. This reinforces our desire to expand the capacity of SPNEC, in order to meet the strong demand for renewable energy in the Philippines,” Leviste added.