- SPNEC is arranging funds to secure land for 3.5 GW solar power capacity in the Philippines
- It will be in Nueva Ecija and Bulacan region where it is already working on 500 MW PV capacity
- To source another 2,500 hectares of land for 3.5 GW PV, it is allocating proceeds from its various capital raises
Solar Philippines’ publicly listed vehicle Solar Philippines Nueva Ecija Corporation (SPNEC) is arranging funds to secure land in Nueva Ecija and Bulacan for a planned 3.5 GW solar farm, expanding the scope of land it needs for the planned 500 MW solar project in the same area.
“At 4 GW, SPNEC’s combined developments in this area would surpass the capacity of India’s Bhadla Solar Farm, currently the world’s largest farm at over 2.2 GW; as well as surpass the capacity of the total grid-connected solar operating in the Philippines as of the end of 2021 at over 1.3 GW,” stated SPNEC.
Clustering of projects in the same area will support transmission development that is expected to extend over 60 kms.
Of the 500 MW project, construction has already started for the initial 50 MW, and transmission for entire 500 MW. To source another 2,500 hectares of land for 3.5 GW PV, it is allocating proceeds from its various capital raises.
Solar Philippines Founder Leandro Leviste said, “By the end of this year, our planned share issuances should result in the consolidation of ingredients that would enable SPNEC to expand its flagship project to be the world’s largest solar farm.”
It is also in discussions with investors for private placements to complete the share issuance planned in light of its asset-for-share swap.
SPNEC explained that the share issuances include the company’s asset-for-share swap through which it will acquire shares of its parent Solar Philippine sin a number of projects, including those under joint ventures. Some of these include 4.5 GWh battery Terra Solar Project out of which Meralco is to source some energy, another 1.8 GW projects contracted under Green Energy Auction, yet another 1.8 GW solar and 1.8 GWh battery project (see Prime Infra Plans Up To 3.5 GW Solar Plant In Philippines).