To meet its mid-merit requirement beginning in 2026, Meralco recently agreed to a 20-year contract with Terra Solar Philippines, Inc., providing 850 megawatts of renewable energy to Meralco.
According to Meralco, Terra Solar must provide 600 megawatts of power to Meralco by February 26, 2026. The remaining 250 megawatts must be supplie starting that day in 2027, per their power supply agreement (PSA).
- MERALCO e-Services: What you need to know
- How to Pay Electricity Bills in MERALCO App
- Here’s How to Access MERALCO Bills Online
The levelized cost (LCOE) for the energy that would be provided is Php5.80 per kilowatt-hour. An amount base on projections was publish when the proposal’s competitive challenge.
According to a statement from Jose Ronald V. Valles, FVP and head of regulatory management at Meralco, renewable energy is “very competitive and lower” than fossil-fueled facilities, which is particularly important now that fuel prices are rising.
In the future, Meralco’s 7.5 million+ consumers will have access to an “adequate and cost-competitive” power supply thanks to its cooperation with Terra Solar, he continued.
- Solar Philippines Seeks Contracts for 10GW Solar Farms
- What are the Advantages and Disadvantage of Solar Energy?
- 600kW of solar will be operational in Tawi-Tawi
The PSA reaffirms Meralco’s commitment to sourcing up to 1,500 megawatts of its electricity needs from renewable sources by the Department of Energy’s (DOE) Renewal Portfolio Standards policy.