The Philippines is making significant strides in its transition to renewable energy. The recent Green Energy Auction saw a record-breaking number of bids, while SM Prime Holdings is spearheading retail solar installations across its mall network. These developments reflect the growing confidence in the Philippine RE sector and the commitment to a more sustainable energy future.
The Department of Energy's (DOE) Green Energy Auction (GEA) program has witnessed significant interest in renewable energy (RE) projects, with developers bidding a record 7,530.887 megawatts (MW) in the third round. The auction aims to promote RE as a primary energy source for the Philippines and achieve competitive rates for RE supply.
The projects include impounding hydropower, pumped-storage hydropower, and geothermal technologies, demonstrating investor confidence in the Philippine RE sector.The DOE plans to release the list of winning bidders after the Energy Regulatory Commission completes its review of the price offers. In 2024, the Philippines achieved a record high RE installed capacity of 794.36 MW, surpassing the combined capacity installed from 2021 to 2023. Energy Secretary Raphael Lotilla cited this growth as evidence of the administration's commitment to a more self-reliant energy future for the Philippines. The fourth round of the GEA program, scheduled for later this year, will focus on solar power plants with battery energy storage systems.In a separate development, SM Prime Holdings Incorporated and TeaM Energy Corporation have partnered to install 33,000 square meters of solar panels across four SM malls. This initiative is expected to generate approximately 11,000 MWh of clean energy annually, supporting SM Prime's sustainability goals. The solar panels will supply 16% of each mall's electricity needs, adding to the 44 SM malls nationwide that already have installed solar panels. SM Prime President Jeffrey Lim emphasized this initiative as part of their long-term strategy to achieve net-zero goals, enhance operational efficiency, and contribute to a more sustainable business
Renewable Energy Green Energy Auction Philippines Solar Panels SM Prime Holdings Sustainability
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Philippines Seeks Regional Cooperation for Nuclear Energy DevelopmentThe Philippines Department of Energy is open to regional cooperation with ASEAN countries to advance its nuclear energy agenda. Energy Secretary Raphael Lotilla emphasized the importance of a collaborative approach, not only for emergency response but also for training human resources. Lotilla also highlighted the Philippines' intention to explore partnerships beyond the US, including with Japan, UAE, and Korea, for technical expertise and cooperation in the energy sector. The Philippines received positive feedback from the International Atomic Energy Agency (IAEA) on its nuclear power program progress, noting significant advancements in addressing recommendations and adopting a national position for a nuclear energy program.
Read more »
ACC Philippines Auction Supports Filipino Artists for 25 YearsThe Asian Cultural Council Philippines Foundation (ACC Philippines) celebrates 25 years of supporting Filipino artists through its annual auction, raising funds for the ACC Philippine Fellowship Program. The auction features works from renowned Filipino artists and two masterpieces donated by Arthur and Julie Hill to support underprivileged students. The event highlights ACC's commitment to nurturing Filipino talent and fostering cultural exchange.
Read more »
Thirteen Companies Advance to Green Energy Auction Program Third RoundThe Department of Energy (DOE) has selected thirteen companies with 21 projects to participate in the third round of the Green Energy Auction Program (GEA-3). The program will offer a total of 4,250 MW for pumped-storage hydropower projects, 300 MW for impounding hydropower, and 100 MW for geothermal technologies.
Read more »
Philippines Tourism Promotes 'Love the Philippines' Campaign Despite Budget CutsDespite a reduced budget for branding and marketing, the Philippines Department of Tourism (DOT) continues to promote the country abroad through various media channels, including television, billboards, and social media. Tourism Secretary Christina Garcia Frasco highlighted the ongoing 'Love the Philippines' campaign, which has reached key markets worldwide. While acknowledging the challenges posed by the budget cuts, Frasco emphasized the DOT's efforts to address power supply issues on Siargao Island and promote sustainable tourism development.
Read more »
Coca-Cola Beverages Philippines Inc. Rebrands as Coca-Cola Europacific Aboitiz Philippines Inc.Coca-Cola Beverages Philippines Inc. officially rebrands as Coca-Cola Europacific Aboitiz Philippines Inc. (CCEAP) to reflect the Aboitiz Group's strategic investment and partnership with Coca-Cola Europacific Partners (CCEP). The rebranding signifies a commitment to a sustainable future and long-term growth for the Philippines.
Read more »
Isuzu Philippines Celebrates 25 Years as the Philippines' Top Truck BrandIsuzu Philippines (IPC) has achieved a remarkable milestone, celebrating 25 consecutive years as the leading truck brand in the Philippines. The Japanese automaker has solidified its position through a combination of Japanese engineering expertise and an in-depth understanding of the local market's needs.
Read more »