Manila Electric Co. accepted the P2.34 per kilowatt-hour counter offer of Solar Philippines to supply 50 megawatts of power, lower than the P2.98 per kWh proposal of Pilipinas Newton Energy Corp.
“Meralco accepted the P2.34 per kwh offer for 50 MW net delivered capacity. We challenged the offer of Pilipinas Newton… We submitted our offer many months ago and it took Meralco quite a long time to evaluate it but now we are hopeful that the proceedings will end soon since they accepted it as the lowest price in the CSP (competitive selection process,” Solar Philippines president Leandro Leviste said.
Leviste said Solar Philippines’ offer was now just subject to the original proponent’s “exercise or not exercise their right to match.”
Leviste said the company’s offer carried an escalation cost. He did not elaborate.
“The first year is P2.34 and there is an escalation and the (average) cost is still significantly below the original offer of P2.98,” he said.
He said the solar output would be generated from the expansion of Solar Philippines’ Tarlac facility.