The Department of Energy (DOE) has released the notices of award to winning bidders of the second round of the Green Energy Auction (GEA-2) totaling 105 projects.
However, the agency said the total capacity with notices of award have gone down to 3,440.76 megawatts (MW) compared to the 3,580.76 MW that submitted bids due to the vetting process.
Under GEA, interested RE producers \compete for incentivized fixed power rates by offering prices that are lower than or equal to prices set by the Energy Regulatory Commission.
“The 3,580.76 MW was the results of the auction proper based on the bids sent on during the auction day but since the bids were further evaluated by the technical working group, bid bonds of three potential winning bidders were not accepted for failure to comply with the TOR (terms of reference), hence the 3,440.756 MW,” the DOE said in a statement.
Under the TOR of GEA-2, qualified bidders are expected to post a bid bond amounting to a minimum of P1 million per MW.
DOE said winning bidders are required to submit their post-auction documents within 60 calendar days from the date of posting of the notice of award or until September 10 as non-compliance will result in the cancellation of the award and forfeiture of the bid bond.
The DOE also set a post-auction meeting with the 379 GEA-2 registered participants which will be held next week.
The 3,440.756 MW worth of capacity has been committed for development and installation for 2024 to 2026. The project with the biggest capacity that qualified for GEA-2 is the 274.74 MW Bugallon solar project of Ixus Solar Energy Corp. in Luzon.
