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