The Department of Energy (DOE) is seeking bids for the third round of the Green Energy Auction (GEA-3).
The DOE has issued the notice of auction and terms of reference (TOR) for GEA-3 for a total of 4,475 megawatts (MW) of new renewable energy (RE) capacity from feed-in tariff (FIT)-eligible and non-FIT eligible technologies.
“These projects will play a crucial role in meeting the country’s growing electricity demand while ensuring that future power generation is increasingly sustainable,” the DOE said in a statement on Thursday.
For non-FIT-eligible resources, the GEA is seeking 100 MW from geothermal for delivery between 2025 and 2027; 300 MW from impounding hydropower, 2028-2030 and; 4,000 MW from pumped storage hydropower, 2028-2030.
For FIT-eligible resources, installation target is 75 MW from run-of-river hydro for delivery between 2027 and 2029.
The supply contract for the RE projects will be for 20 years, starting from the commercial operation date.
The GEA-3 is expected to stimulate more investments in renewable energy.
