- SPNEC has submitted offers for potential offtakers to contract around 9 TWh of clean energy in the Philippines
- It will enable the company to support the development of its planned 10 GW PV capacity
- If all goes as per plan, its parent Solar Philippines expects the 10 GW capacity to start operating between 2025 and 2026
Solar Philippines Nueva Ecija Corp (SPNEC), the listed subsidiary of Solar Philippines (SP), has submitted offers to potential offtakers to contract 9 TWh power annually from its 10 GW solar capacity planned to come online between 2025 to 2026.
Once the offers are cleared by offtakers and regulators, it will provide a ‘critical mass of demand’ enabling SPNEC to develop the planned 10 GW capacity.
“While we have been constrained from commenting on our projects due to ongoing contracting processes, we look forward to share more details in the coming days, and so give a better picture of what SPNEC will look like after the asset-for-share swap,” said SP Founder Leandro Leviste.
Earlier SPNEC had said it was planning an asset-for-share swap with its parent company to develop 10 GW solar capacity by acquiring more than 20 solar project companies, and also enter joint ventures (JV) and conduct possible stock rights offerings.
One of the JV partnerships is Terra Solar Philippines, with Prime Infrastructure Holdings, to establish a solar power facility with 2.5 GW to 3.5 GW capacity with 4,000 MWh to 5,000 MWh storage, as the world’s ‘largest’ PV facility. Meralco has agreed to contract power from 850 MW capacity from this facility (see Prime Infra Plans Up To 3.5 GW Solar Plant In Philippines).
Another SP entity Solar Philippines Batangas Baseload Corporation is developing up to 2 GW solar with storage project.
In a regulatory filing, SPNEC said this capacity will address the potential power shortage in the country and will add to the country’s grid connected solar capacity of 1.27 GW as of December 2021.
