The Philippines’ largest solar company Solar Philippines had already submitted offers to contract most of its planned 10 gigawatts of projects, including the world’s largest, to meet the rising demand for electricity while shifting away from coal.
In a statement, the firm said they could potentially have nine terawatt-hours a year of contracted energy, enabling it to start most of the targeted capacity in 2025 and 2026.
Solar Philippines President Leandro Leviste said the planned facilities “would help address the country’s potential power shortage” and significantly boost the nation’s grid-connected solar capacity of 1,127 megawatts at end-2021.
According to data from BloombergNEF and BP Plc., the Philippines gets about 57% of its electricity from coal, burning 29 million tonnes of high-quality fuel.
Solar Philippines is building 3.5 gigawatts of solar and 4.5 gigawatt-hours of battery storage with billionaire Enrique Razon, which it said will be the world’s largest solar project and twice the country’s existing solar capacity.