Solar Philippines claims deal with Meralco

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Solar Philippines Power Project Holdings is close to sealing a supply deal with Manila Electric Co. (Meralco), company officials indicated on Wednesday.

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Solar Philippines President Leandro Leviste claimed that the two companies are poised to sign an agreement, while Meralco Vice-President Lawrence Fernandez said that the power firm had a contract for 85 megawatts that would be submitted to the Energy Regulatory Commission (ERC) for evaluation.

Fernandez did not name the supplier but he told attendees of a Financial Executives of the Philippines forum that the process started with a Citicore Power offer of P3.50 per kilowatt-hour (kWh).

Leviste said Solar Power’s bid was P2.00 per kWh.

Leviste, who has claimed that the price of electricity could be slashed by 30 percent, allowing a household to reduce its monthly electric bill by P1,000, said the power would be sourced from a facility in Tarlac.

In July, Meralco said that it was assessing bids from solar power developers seeking to top Citicore’s offer. Aside from Solar Power, PetroEnergy Resources Corp. also submitted a challenge.

The call for challengers was in adherence to the ERC’s competitive selection process (CSP) rule.

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