MANILA - Newly listed Solar Philippines Nueva Ecija Corp on Monday said it signed an agreement to supply renewable power to the third largest distribution utility in Luzon.
SPNEC signed a renewable power supply agreement (PSA) with Angeles Electric Corp (AEC), it said in a disclosure to the stock exchange.
Under the deal, SPNEC would supply AEC about 97.8 MWh per day from 6 a.m. to 6 p.m. for 10 years, the company said.
This would provide SPNEC a base of contracted revenues while being able to sell the rest of its energy to the spot market or off-takers, it said.
The deal underwent a competitive selection process (CSP), it said.
“We wish to thank Angeles Electric for conducting a very professional CSP that will benefit the consumers of Angeles City. We are grateful for this opportunity to work with Angeles Electric, which is a pioneer of the solar industry of the Philippines,” Solar Philippines founder Leandro Leviste said.
“The contracting of the first phase of our solar farm shows that renewable energy in the Philippines is a supply-constrained market. This reinforces our drive to expand SPNEC’s capacity, to meet the great demand for renewable energy in the Philippines,” Leviste added.