February 7 (Renewables Now) - Solar Philippines Nueva Ecija Corporation (PSE:SPNEC) announced over the weekend it has sealed a renewable power supply agreement (PSA) with Philippine-based distribution utility Angeles Electric Corporation (AEC) tied to its 500-MW Nueva Ecija solar park.
Under the 10-year deal, AEC will purchase 97.8 MWh of solar power per day from the photovoltaic (PV) park that will be installed in the Central Luzon region.
As the contract with AEC does not cover the entire output, Nueva Ecija will be able to sell the rest of its energy to the spot market or other off-takers.
The PSA was secured in a competitive selection process (CSP), which saw SPNEC emerge as the winner among five bidders.
SPNEC has plans for asset-for-share swaps with its parent Solar Philippines that would enable the former to develop 10 GW of solar projects.
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