Solar Philippines said it challenged the offer of Pilipinas Newton Energy Corp. to supply 50 megawatts to Manila Electric Co. with solar power, the lowest offer received by the power distributor for a solar facility.
Solar Philippines said in a statement it emerged as the only company to submit a price challenge, and was awaiting official word on whether Pilipinas Newton, the original proponent, would exercise its right to match.
Meralco published an invitation in December to challenge the price of Pilipinas Newton of P2.9887 per kilowatt-hour, with a 2-percent annual escalation for 20 years for 50 MW of solar energy, starting Dec. 31, 2018 or eight months from approval of the Energy Regulatory Commission.
Solar Philippines did not disclose its price, only noting it would be the lowest rate for solar energy in the history of Southeast Asia, and competitive with the lowest rates worldwide.
“We are proud to support Meralco’s mission to deliver the lowest costs to consumers, by offering this significantly lower price,” said Solar Philippines president Leandro Leviste.