SPNEC made its debut on the Philippine Stock Exchange in December 2021.
Image: Solar Philippines
Solar Philippines Nueva Ecija Corp. (SPNEC), the listed unit of Manila-based PV module manufacturer and project developer Solar Philippines, has announced that it is working on what could be the world’s largest solar project.
SPNEC has unveiled plans to add a 3.5 GW solar farm to its 500 MW flagship project on the island of Luzon, “for which the first 50 MW and the transmission for the full 500 MW are under construction.” Now, the company is looking to acquire another 2,500 hectares in the provinces of Nueva Ecija and Bulacan to extended its original project eightfold.
“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.
SPNEC is using the proceeds from various capital raises to acquire the land for the 3.5 GW project extension, including a previously announced stock rights offering to raise at least PHP 10 billion ($179 million), as well as planned asset-for-share swap with parent company Solar Philippines, which is expected to be completed by the end of 2022.
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SPNEC said it has been able to plan such a massive project as it has been working to secure land and permits since 2016 when it applied with the Department of Energy for its first solar energy service contract in the area. In addition, the company said this clustering of projects will benefit from the transmission infrastructure works already underway in the area, which will extend over 60 kilometers to connect to NGCP’s (National Grid Corp. of the Philippines) substations that supply the Greater Manila Area.
“Over the years, others did not believe these ranchlands far from the grid could be the site for a solar farm,” said Solar Philippines founder Leandro Leviste. “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.”
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Source: pv magazine
