The National Transmission Corp. has shelled out about P164 billion as payment to qualified renewable energy developers as of August 7, according to one of its senior officials.
The FIT-All mechanism was established pursuant to the Renewable Energy Act of 2008, which aims to spur the development of emerging renewable power sources, such as wind, solar, run-of-river hydro, and biomass facilities. TransCo, for its part, is the agency that pays the RE developers. It is tasked to make an annual determination of the FIT-All rate and file its application with the Energy Regulatory Commission not later than end of July each year for the FIT-All rate that will be implemented for the following year.
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