Philippines solar power ranked 5th worldwide
Author: Darvin Tocmo Date Posted:17 January 2018
Philippines solar power generation 5th worldwide, top in Asia
According to a Dutch consultancy firm, the Philippines solar power systems for electricity generation is ranked No.1 in Asia among all of the developing countries. The country is also ranked fifth worldwide following Chile, South Africa, Brazil, and Thailand. “Philippines is still relatively young when it comes to solar development, but was able to get seven active projects ranked in the top 50 list,” Solarplaza research analyst Marco Dorothal said in a report. Dorothal was referring to Solarplaza’s top 50 solar PV projects in emerging markets. “The country also has a major project still in the pipeline that could once again increase the capacity of the Philippines in the Top 50 list,” he added. Currently, the most significant operational project in the Philippines was now the 132.5-megawatt Cadiz solar power plant. “The commissioning of this plant solidifies the solar market in the Philippines as being capable of handling such large-scale utility projects,” Dorothal said. The 150-MW solar plant in Tarlac was already started last year, making it the largest solar power project so far for the country. As of June 2017, the Philippines’ solar power installed capacity at 900 MW.
Cheapest Source of Energy
According to the International Energy Agency, solar power is turning into the cheapest source of new electricity generation capacity in many countries, especially in Asia. “Solar is forging ahead in global power markets as it becomes the cheapest source of electricity generation in many places, including China and India,” IEA executive director Fatih Birol said in a statement. The IEA expects that, over the next 25 years, the world’s growing energy needs are met first by renewables and natural gas as fast-declining costs turn solar power into the cheapest source of new electricity generation. Solar PV systems are set to lead new generating capacity, mainly driven by the technology’s adoption in China and India.