MANILA – Energy Development Corporation (EDC) will expand its solar capacity by 100 to 150 Megawatts (MWs) in three to five years time, said Vice President for Corporate Finance Erwin Avante.
”We’re looking to have a solar capacity of 100 to 150 MWs within three to five years,” he told reporters.
However, Avante emphasized the timetable will depend on the Feed-in-Tariff (FIT).
For his part, EDC Vice President Vincent Villegas added there is uncertainty on how the Department of Energy (DOE) will rule on the FIT — after the 500 MW target capacity is availed of by March 2016.
Avante said the 100-150 MW solar projects will be built across the country.
The project will cost between USD 200-250 million derived from a per MW cost of USD 2 million.
Avante noted EDC’s 150-MW Burgos Wind Project has a total land area of 608 hectares, but most of the land is not flat, a basic requirement for solar projects.
He said the flat area in Burgos could accommodate a total capacity of 30 MW.
EDC has already built a 4.1-MW solar farm in the area, which was projected by Avante to yield revenues of Php 50-60 million.
The 4.1 MW farm is EDC’s first venture into solar projects.
EDC was initially a geothermal company that ventured into hydro projects, then very recently developed wind and solar projects.