SOLAR PHILIPPINES Power Project Holdings, Inc. has secured more than 2,000 hectares for its planned 3.5-gigawatts (GW) of solar farms in Nueva Ecija and Bulacan.
In a media release, Solar Philippines unit SP New Energy Corp. (SPNEC) said proceeds from its stocks rights offering (SRO) would be used to acquire land for the solar farms.
“Since our SRO, we have prioritized the execution of the project that we see has the highest value. After we perfect the documentation for these hundreds of parcels and then conversion, this land would be ready for a solar project. Our focus now is to realize the value from this, and we will provide further updates at the appropriate time,” said Leandro L. Leviste, founder and chief executive officer of Solar Philippines.
Solar Philippines said that with more than 2,000 hectares of secured properties, it would exceed the capacity of the largest solar farm in India, which it placed at 2.2 GW.
It added that it could “exceed the capacity of the total grid-connected solar operating in the Philippines according to the Department of Energy’s latest figures as of August 2022.”
The group’s projects include a joint venture between Solar Philippines and Manila Electric Co. (Meralco); a partnership with Terra Solar Philippines, Inc. that will supply 850 megawatts of Meralco’s mid-merit requirement; a 3.5-GW solar farm, and a 4.5-GW-hour battery storage project in Nueva Ecija and Bulacan.
On Thursday, shares in SPNEC closed 4.8% higher to end at P1.31 apiece. — Ashley Erika O. Jose