The procurement exercise is Meralco's second attempt to seek proposals for around 600 MW of capacity that will have to start providing power by February 2026, and another 250 MW set to begin commercial operations in February 2027. An initial tender for the same capacity was launched in late January, but Meralco said earlier this month that the exercise failed, as no bids were submitted.
The bids were expected to challenge a recent offer made by Terra Solar, a joint venture between Prime Infrastructure Capital and Solar Philippines Power Project Holdings. It proposed the construction of 2 GW of PV and 4 GWh of storage at a levelized cost of energy of PHP 6.08 ($0.12)/kWh.
Through this second tender, selected bidders will be granted a 20-year power purchase agreement. Interested developers have until June 6 to submit expressions of interest.
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