In a new round of auctions for green energy projects, the Philippines will seek bids from renewable energy developers to install about 8 gigawatts (GW) of geothermal and hydropower supply.
Informing of the auction, a government official said that the 8 GW or 8,000 megawatt (MW) target capacity represents the unsubscribed portion of the 11,600 MW of additional supply from solar, onshore wind, biomass and waste-to-energy resources, for which the Department of Energy had sought bids at an auction on July 3.
The officials said that the developers had subscribed to about a third, or a total of 3,580.76 MW, citing a tight timeframe for installation and concerns about power transmission issues. The government had wanted the additional supply to be available within the next three years.
The department is looking to issue the notice of auction and guidelines in November. It will be the third bidding round under its Green Energy Auction programme, said Assistant Secretary Mylene Capongcol at an industry forum. The government is working to address the issues raised by developers, she said.
It may be noted that, in 2022, several renewable energy developers were awarded contracts to install a total of 2,000 MW in the first tariffs-based auction under the programme.
In recent years, the Southeast Asian country has a target to increase the share of renewables in its fossil fuel-dominated energy mix to 35 per cent by 2030 and to 50 per cent by 2040, from 22.8 per cent last year, has allowed full foreign ownership in the renewable energy sector.