Solar power projects dominated the recent auction for renewable energy (RE) capacity conducted by the Department of Energy (DOE) in Manila.
According to a statement from the DOE, a total of 105 contracts were awarded to various industry players for renewable projects with a combined capacity of 3,440.756 megawatts (MW) in the second round of its Green Energy Auction (GEA-2) program.
Winning bidders include subsidiaries of Citicore Renewable Energy Corp., ACEN Corp., PetroEnergy Resources Corp., and Alternergy Holdings Corp.
This capacity is slightly lower than the initial 3,580.76 MW committed in GEA-2, as three winning bidders did not meet the requirements.
The DOE explained, “The 3,580.76 [MW] was the result of the auction proper based on the bids sent 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 3,580.76 MW represents 29.7 percent of the total 11,600 MW offered by the DOE to RE developers under GEA-2. However, it is higher than the approximately 2,000 MW of renewable capacity auctioned off in the first round of GEA last year, which involved 19 contracts.
The breakdown of the winning capacity shows that ground-mounted solar projects account for more than half with 1,878.982 MW, followed by onshore wind projects with 1,462.384 MW. Floating solar facilities totaled 90 MW, and rooftop solar amounted to 9.390 MW.
The DOE added, “The total winning capacity of GEA-2 has increased by 74.93 percent compared to the first auction round or GEA-1 held last year.”
Winning bidders have until September 10 this year to submit the post-auction documents, or they risk the cancellation of their awards and forfeiture of the bid bond.
READ:
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
Denial of responsibility! Samachar Central is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
