The Philippines is set for a major renewable energy expansion in the near future. In a fresh development, Philippines-based billionaire and the second richest man of the country – Enrique Razone – will be developing the largest such solar power project in the country.
According to the official statement, the mega solar power facility will host 2500-3500 MW of solar panels and 4000-4500 MWh of energy battery storage systems. Terra Solar Philippines will collaborate with Solar Philippines Power Project Holdings to undertake the solar project. Terra Solar is a unit of Terra Renewables Holdings which is a subsidiary held by Enrique Razon’s Prime Infrastructure Holdings. As per the reports, cheap photovoltaic panels will be employed.
According to the statement released, the electricity generated from the solar power project will help prevent burning equivalent of 1.4 million tons of coal every year in Philippines. This also means that the Philippines supply of renewable energy will increase drastically.
Prime Infra said that the solar power project will also supply 850 MW of the resulting electricity to Manila Electric which is the largest power retailer in the Philippines that distributes power in Manila – the capital city – and the surrounding areas.
The company has described the solar project as “a model of dependable renewable energy, which represents a stable price not subject to fuel imports volatility for the rest of its 20-year contract.” The statement holds mentioned that the project may reduce the GHG emissions of Philippines from 2026 to 2046. The installation will also reduce fuel import dependency of the county.
The renewable energy push in the Philippines began with the enactment of Renewable Energy Act in 2008. The biggest push for came in 2020 because landmark measures were taken by the policy makers such as the Coal Moratorium and the Renewable Portfolio Standards (RPS) and huge investments began to pour in for the expansion of renewables.
The renewable energy presently makes 29.1 percent of installed capacity in the Philippines. The country wants to increase renewable energy capacity to 22.2 GW by 2030. The solar PV will be the driving factor of the RE expansion as the government wants to install 15.3 GW of solar projects.