MANILA, Philippines — Aboitiz Power Corp. will start providing Iloilo City with clean energy supply once the new power distributor operates.
AboitizPower and MORE Electric and Power Corp. have signed an interim power supply agreement (IPSA) for 10 megawatts of clean and renewable energy from the Aboitiz group’s Cleanergy brand.
The IPSA will run for one year and provides an option to add five MW.
Under the deal, the energy will be supplied by AP Renewables Inc., which operates the Tiwi and MakBan geothermal power plants, located in Albay and the provinces of Laguna and Batangas, respectively.
“Our partnership with AP Renewables Inc. is a testament to MORE Power’s corporate direction to go beyond and above compliance with what is required in the Renewable Energy Act by advocating renewable energy and eventually increasing its power supply from renewable sources,” MORE Power president and chief operating officer Roel Castro said.
Meanwhile, APRI president and chief operating officer Alexander Coo said AboitizPower’s portfolio of power plants all over the country makes it an ideal partner for MORE Power and the people of Iloilo City.
“Geothermal power is definitely unique because it is renewable energy yet it can be baseload – meaning, it delivers power 24/7. For a growing metropolis like Iloilo City, this makes perfect sense. We are definitely excited to be partners with MORE Power and even more excited to be part of the growth of Iloilo City,” he said.
In February this year, President Duterte signed Republic Act 11212, granting MORE Power a 25-year power distribution franchise in Iloilo City.
MORE Power is allowed to avail itself of the negotiated procurement of emergency power supply under the competitive selection process policy of the Department of Energy as long as the emergency power supply contract shall only be for one year and the rates must not be higher than the latest Energy Regulatory Commission-approved generation tariff for the same or similar technologies in the area.