MANILA - Enrique Razon's Prime Infrastructure Holdings Inc on Wednesday said its unit would build the world's largest solar power facility with a storage system to boost renewable energy in the country.
In a statement, Prime Infra said its renewables unit would construct the 2,500 MW to 3,500 MW solar power facility combined with a 4,000 MWh to 4,500 MWh battery energy storage system (BESS).
The project will be undertaken by Terra Solar Philippines of Terra Renewables Holdings Inc, a subsidiary under Prime Infra, and in partnership with Solar Philippines Power Project Holdings Inc, the company said.
MERALCO POWER SUPPLY DEAL
The port and casino magnate's firm said the project would supply 850MW to offtaker Manila Electric Company (Meralco).
Terra Solar earlier secured a power supply agreement with Meralco after going through a competitive selection process and approval from the Department of Energy.
The 850MW supply can displace an annual consumption of approximately 1.4 million tons of coal or 930,000 liters of oil, estimates showed. This will also reduce greenhouse gas emissions and import dependency from 2026 to 2046 or throughout the 20-year contract, the company said.
“We, at Prime Infra, are delighted to move forward with Meralco on this record-breaking project that highlights solar power’s important contribution to strengthening the country’s energy security -- solar, which is normally looked at for peaking, is now being made available by Terra Solar to answer Meralco’s mid-merit requirement, thereby addressing both the need for additional capacity and compliance with RPS," said Prime Infra CEO Guillaume Lucci.
"DOE and Meralco should be commended for approving a project that is not only transformational for the renewable energy landscape, but also for managing to do so at a competitive price,” Lucci added.
Prime Infra said, for the Meralco power supply agreement, 600MW would be available by 2026 while the additional 250 MW would be delivered in 2027.
Under the DOE's Renewable Portfolio Standards (RPS), Meralco and other companies are required to source a minimum percentage of their energy portfolio from renewable sources.
Prime Infra earlier disclosed that discussions have kicked off for the acquisition of the controlling stake in Malampaya gas project from Dennis Uy's Udenna Corp.