Bilyonaryo Enrique Razon and his techpreneur partner Leandro Leviste have offered to supply Manila Electric Co. 850 megawatts of mid-merit power for a period of 20 years.
Terra Solar, the joint vehicle formed by Razon’s Prime Infrastructure Capital Inc. and Leviste’s Solar Philippines Power Project Holdings Inc., proposed a P6.08 per kilowatt-hour (kWh) headline rate and levelized cost of electricity (LCOE).
According to Meralco, the Razon-led group plans to source power from its proposed solar power plants in Batangas-Cavite, Nueva Ecija, Tarlac, and Zambales which will have an energy storage system.
The group also offered to make available 600 MW for Meralco by February 2026 and an additional 250 MW by 2027.
In line with this, Meralco has invited all interested parties to challenge Terra Solar’s proposal.
Interested bidders have until February 2 to submit their expression of interest.
A pre-bid conference has been set on February 4 while the submission of bids has been scheduled on March 7.
Meralco said the competitive selection process is in line with efforts to source up to 1,500 MW of its power requirements rom renewable energy sources.