MANILA Electric Co. and solar developer PowerSource First Bulacan Solar Inc. filed a joint application with the Energy Regulatory Commission seeking approval of their power supply agreement.
Meralco signed a power supply agreement with PowerSource for 50 megawatts from its proposed solar plant in San Miguel, Bulacan or an alternative site embedded with the power distributor’s franchise area. Meralco said it projected a peaking capacity deficit for 2017 onwards and conducted a competitive selection process to purchase up to 50 MW from PowerSource.
“It bears emphasis that, as previously mentioned, based on Meralco’s foreseen high demand during summer months of 2017 and succeeding years, there is an urgent need for the final approval of the PSA considering a significant peaking capacity deficit, as well as possible occurrences of scheduled maintenance shutdowns and forced outage of power plants,” the parties said in their application.
Meralco said the approval of the supply contract “will send a strong signal to renewable or solar energy generation projects in the Philippines, and thus, set the pace for infusion of similar investments by the private sector.”