Solar Philippines Nueva Ecija Corporation (SPNEC) has secured a 10-year contract to provide 97.8 MWh of renewable energy (RE) per day to Angeles Electric Corporation (AEC), an energy distribution firm in Luzon. The contract was awarded after a competitive selection process (CSP). Electricity will be generated from SPNEC’s Nueva Ecija solar farm. SPNEC will be able to sell the balance of energy generated to the spot market or other off-takers while maintaining a base of contracted revenues.
Once the power supply agreement (PSA) is submitted to the Energy Regulatory Commission (ERC) for approval, the tariff rates will be disclosed. The contract will come into effect starting March 26, 2023.