The Department of Energy on Tuesday announced seven companies as potential winning bidders in the Green Energy Auction 3 (GEA-3), aiming to develop 6,680 megawatts (MW) of impounding hydropower, pumped-storage hydropower and geothermal energy with a delivery period from 2028 to 2035.
The DOE released the notice of award, noting that the total offered capacities significantly exceeded the previously announced combined installation target of 4,250 MW.
The prospective winning bidders for pumped-storage hydropower (PSH) Lot 1, with a delivery period of 2028 to 2030, are local firm Coheco Badeo Corp. for the 500 MW Kibungan PSH project; and Razon-led Olympia Violago Water and Power Inc. for the 600 MW Wawa PSH 1 hydro project; and Ahunan Power Inc. for its 1,400 MW Pakil PSH project.
Coheco has an Energy Regulatory Commission (ERC)-recommended rate of P2.5787 per kilowatt-hour; Olympia Violago at P5.3561 per kWh; and Ahunan Power at P5.4597per kWh.
The ERC-recommended rates are subject to acceptance by the renewable energy developers, the DOE said.
San Miguel Corp.’s San Roque Hydropower Inc. and Pan Pacific Renewable Energy Corp. are the potential winning bidders for PSH Lot 2, with a delivery period of 2031 to 2032.
SRHI offered for its 800 MW San Roque Lower East PSH project and its 800 MW San Roque West Pumped Storage hydro project.
The San Roque Lower East PSH project has an ERC-recommended rate of P3.26 per kWh, while the San Roque West PSH project is pegged at P3.35 per kWh.
Pan Pacific offered its 2,000 MW Maton pumped-storage hydro project, which has a rate of P3.50 per kWh.
Pan Pacific was also declared a potential winning bidder for impounding hydropower with a delivery commencement period of 2028 to 2030, offering its Gened 1 and 2 hydro projects, each with a capacity of 150 MW, at ERC-recommended rates of P4.50 and P4.75 per kWh, respectively.
Meanwhile, SRHI was also declared as the potential winning bidder for PSH Lot 3 with a delivery period of 2031 to 2035 for its Aklan PSH project with an ERC-recommended rate of P3.7319 per kWh.
For geothermal energy, with a delivery period from 2025 to 2027 and a 100 MW target, three bids were received from Energy Development Corporation and Bac-Man Geothermal Inc., offering a total capacity of 30.887 MW.
Under the terms of the notice of award, all potential winning bidders must confirm their acceptance in writing and submit post-auction documentation within 15 calendar days of the notice’s publication. Required submissions include an original affidavit of undertaking to deliver the offered capacity and a performance bond. Failure to submit the required documents after accepting the award will result in the forfeiture of the bid bond.
The DOE said the notice of award release followed a comprehensive multi-agency evaluation process.
The Green Energy Auction – Bids Evaluation and Awards Committee conducted legal and technical assessments of submissions made by qualified bidders via the DOE’s electronic bidding platform during the auction on Feb. 11, 2025.
These evaluations led to the endorsement of eligible price offers to the ERC on Feb. 20, 2025. Subsequently, the ERC completed its financial review of the endorsed offers and transmitted the Financial Evaluation Report to the DOE on April 15, 2025. From April 16 through May 2025, the DOE’s Green Energy Auction Committee and the ERC engaged in a series of communications and meetings to finalize the list of bidders eligible for award under GEA-3.
This latest round under GEA-3 marks another significant milestone in the Philippine government’s effort to accelerate renewable energy development, enhance grid reliability and meet long-term clean energy goals.
