Alternergy Holdings Corp. (Alternergy) has relinquished the award for the Apulid Solar Power Project under the Green Energy Auction 2 (GEA 2) program of the government.
“The Apulid Solar Power Project is one of the winning bids under GEA 2. However, LSEC [Liberty Solar Energy Corp.] has opted not to pursue the GEA 2 as an offtake mechanism,” Alternergy said. LSEC is a subsidiary of Alternergy.
The company said it decided not to pursue GEA2 and instead opt to pursue potential bilateral offtake agreement which could give a better price. “Based on our further analysis, there are other potential markets which could bring better value to the project while at the same time continue to contribute to achieving the government’s renewable energy target.”
The company said it would pay the Department of Energy (DOE) the P50-million bid bond.
“While the Apulid Solar Power Project is one of the winning bids under GEA2 and LSEC has been awarded the exclusive rights to explore, develop and utilize solar energy resources in the area covering 144 hectares in Paniqui, Tarlac under a Solar Energy Operating Contract [SEOC] with the DOE, LSEC decided not to pursue the GEA2 as an offtake mechanism but to look into entering into a bilateral offtake agreement instead,” the company said.
“Alternergy is excited to immediately pursue the development. Consistent with Alternergy’s pioneering initiatives in the RE industry, the Apulid Solar Power Project will be one of the first solar aquavoltaic projects in the country,” Alternergy Chairman and President of LSEC Vicente S. Pérez said.
He noted that the Apulid Solar Project is a ground-mounted project to be co-located and integrated within an operational aquaculture farm.
“This is a unique initiative that will serve a dual purpose which is to supply clean power to the grid and to sustain the aquaculture’s farm production,” Pérez said.
He added that the DOE’s award of the SEOC signals LSEC to proceed with the permitting requirements and technical studies based on the approved work plan by the DOE.