Solar project seeks buying more land
Land underpins an entire project, and our landbank in Nueva Ecija and Bulacan in particular is unique, in terms of its scale and proximity to Manila
Listed Solar Power New Energy Corporation seeks to complete the conversion of over 3,000 hectares of industrial land in Nueva Ecija and Bulacan this year after the company successfully secured off-take agreements for its projects last year.
In a report to the Philippine Stock Exchange on Tuesday, the company announced that it has fully secured the majority of its target lands.
Solar Philippines founder Leandro Leviste pointed out that the planned land conversion is “the most significant value driver for SPNEC.”
“We will provide further updates as we work to create value on this for our shareholders. Land underpins an entire project, and our landbank in Nueva Ecija and Bulacan in particular is unique, in terms of its scale and proximity to Manila,” Leviste said.
Currently, documentation is ongoing to complete its land acquisitions, in parallel to the submissions of the already fully-secured lands for industrial conversion. The company targets to complete the submission by the end of the first quarter.
By the end of the year, the company said it aims full conversion for industrial use.
SPNEC’s landbank in Nueva Ecija and Bulacan, once completed, would be one of the largest industrial developments in the Philippines and larger than all the solar projects operating in the Philippines to date.
The largest project of Solar Philippines is under Terra Solar Philippines Inc., a joint venture that has a Power Supply Agreement with Meralco to supply 850 megawatts of mid-merit from a planned 3.5 gigawatts solar, 4.5 gigawatt-hours battery project.