Solar Philippines submits power supply rate to Meralco

Solar Philippines has emerged as the only company to submit a price to Meralco's invitation to challenge the price of P2.9887 per kilowatt hour of solar energy.

In January, Solar Philippines challenged Lopez-led First Gen Corporation for a 24/7 power supply contract with Meralco, saying it gave the leading power supplier a rate of P2.99 per kilowatt hour compared to First Gen's proposed average rate of P5.44 per kilowatt hour.

On Thursday, without disclosing a rate, Solar Philippines said they were waiting for official word on whether the original proponent will exercise its right to match.

According to an emailed statement, the retailer said it will offer "the lowest rate for solar energy in the history of Southeast Asia," one that would be "competitive" with the lowest rates worldwide.

Solar Philippines president Leandro Leviste said the offer would result in over 50 percent savings on generation rates or 30 percent on all-in rates, based on Meralco’s formula for levelized cost.

"We look forward to see this bid progress, to protect consumers from the impact of spiraling inflation at the soonest possible time,” he said.

The company, which has a 414-MW San Gabriel solar farm, earlier said that with Solar, Meralco can save an average of 30 percent, "thanks to advances in solar and battery storage." — Margaret Claire Layug/BM, GMA News