MANILA, Philippines — The renewable energy unit of tycoon Enrique Razon’s Prime Infrastructure Holdings Inc. is building the world’s largest solar farm and storage project that will provide Manila Electric Co. (Meralco) with its mid-deserve renewable supply and increase clean energy capacity in the country.
In a statement yesterday, Prime Infrastructure said it was setting up a 2,500 to 3,500 megawatt (MW) capacity solar power installation combined with 4,000 to 4,500 megawatt hours (MWh) of solar power system. battery energy storage (BESS).
The project will be undertaken by Terra Solar Philippines, a unit of Terra Renewables Holdings Inc., a subsidiary controlled by Prime Infra and in partnership with Solar Philippines Power Project Holdings Inc.
From this power plant, Terra Solar will supply 850 MW to Meralco, of which 600 MW will be available by 2026, while the additional 250 MW will be delivered in 2027.
“At Prime Infra, we are delighted to move forward with Meralco on this record-breaking project which highlights the important contribution of solar energy to strengthening the country’s energy security. Terra Solar to meet Meralco’s average merit requirement, thereby addressing both the need for additional capacity and RPS compliance,” said Prime Infra President and CEO Guillaume Lucci.
He said the Department of Energy (DOE) and Meralco should be commended for approving “a project that is not only transformational for the renewable energy landscape, but also for successfully doing so at a competitive price.” “.
Additionally, Meralco will be able to increase its renewable energy supply as required by the DOE’s Renewable Energy Portfolio Standards (RPS).
Under the RPS, companies are required to source a minimum percentage of their energy portfolio from renewable energy sources.
“Prime Infra finds an ideal place to pursue solar power as we take advantage of the steep decline in installation costs over the past decade and improved battery energy storage system technology that allows us to building economically critical and socially relevant infrastructure on a global scale has never been seen before,” said Lucci.