Local renewable energy (RE) developers are optimistic the government will implement key changes in the Green Energy Auction Reserve (GEAR) price for floating solar technology.
Theresa Cruz-Capellan, chief executive officer of Sun Asia Energy, said results of an independent study on floating solar technology and the cost of its development.
The study was commissioned by the Philippine Solar and Storage Energy Alliance (PSSEA), of which Sun Asia is a member.
Capellan said Mott Macdonald, the third party international consulting firm which did the study, is set to make a presentation on October 18 to the Department of Energy (DOE) and the Energy Regulatory Commission (ERC).
PSSEA earlier said the GEAR price for floating solar technology was “way below the current market realities.”
Last year, only 29.7 percent or 3,440.76 megawatts (MW) of RE capacities out of the 11,600 MW made available by the DOE under the second Green Energy Auction (GEA-2) program secured notices of award.
Under GEA-2, interested RE producers will compete for incentivized fixed power rates by offering prices that are lower than or equal to the GEAR prices set by the ERC.
CSun Asia has partnered with Blueleaf Energy Philippines for the construction of 1,318 MW worth of floating solar capacity on the Laguna Lake by next year.
SunAsia said the joint venture already secured ten 25-year Solar Energy Operating Contracts from the DOE.
