SPNEC securing 2,500 hectares in Nueva Ecija, Bulacan for 3.5-GW solar farm

Listed Solar Philippines Nueva Ecija Corporation (SPNEC) on Wednesday said it is securing at least 2,500 hectares of land in the provinces of Nueva Ecija and Bulacan for its planned 3.5-gigawatt solar farm.

In a statement, SPNEC said it is allocating proceeds from its various capital-raising activities to complete the acquisition of the land required for its solar farm.

“This would mark SPNEC’s expansion of operations in the same area of the land secured for its 500-megawatt (MW) solar project, for which the first 50 MW and the transmission for the full 500 MW are under construction,” the company said.

SPNEC said at a combined 4 GW solar power developments, it would surpass the capacity of India’s Bhadla Solar Farm, currently the world’s largest solar 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.”

“This scale is enabled by Solar Philippines having been consolidating land and permits for this project since 2016, when it applied for its first Department of Energy (DOE) solar energy service contract in these areas,” the company said.

SPNEC is a fully owned subsidiary of Solar Philippines Power Project Holdings Inc., which is part of the SP Group involved in integrated developments and solar power projects.

This clustering of projects in the same area also supports the development of transmission, which would extend over 60 kilometers to connect to NGCP’s substations that supply the Greater Manila Area, according to the company.

“Over the years, others did not believe these ranchlands far from the grid could be the site for a solar farm. 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,” said Solar Philippines founder Leandro Leviste.

SPNEC’s capital raising activities include share issuances such as the asset-for-share swap, through which SPNEC would acquire shares of Solar Philippines in a portfolio of projects.

The share issuances also include the company’s Stock Rights Offering (SRO). The company said it is also in discussions with investors for private placements to complete its share issuances planned in light of its asset-for-share swap. — BM, GMA News