8 AprilĀ 2015
Sabang Renewable Energy Corporation (SREC) signed the Qualified Third Party Subsidy and Service Agreement (QTP-SSA)
Quezon City, Philippines, April 8th, 2015: after 8 months and 8 days of negotiations, the National Power Corporation (NPC) and the Sabang Renewable Energy Corporation (SREC) signed the Qualified Third Party Subsidy and Service Agreement (QTP-SSA). Delta P Inc and WEnergy Global are the shareholders of SREC. The negotiations took longer then expected as the Sabang Project is the first of its kind in the Philippines being a Solar PV-Battery-Diesel powered 15km micro-grid aimingĀ to electrify the Puerto Princesa Underground River area called Sabang, in Barangay Cabayugan, Palawan. The process with NPC was an intense learning process for both parties. The negotiations were actively supported by the Department of Energy (DOE). The next and final stage is to get the agreement endorsed by the Energy Regulatory Commission (ERC) and the revised expected start of construction by July 2015, almost 6 months behind schedule. We thank all parties for their efforts to enable innovation in the energy sector of the Philippines.