SPNEC to acquire new 2,500 hectares

Leviste-led Solar Philippines Nueva Ecija Corporation (SPNEC) will be securing additional 2,500 hectares of land in Bulacan and Nueva Ecija provinces for its expanding solar energy projects. The company noted that the funding for the property purchases will be sourced from the proceeds of SPNEC’s stock offering, although it has not specified yet the scale of allocation for this undertaking. The company is targeting the development of up to 3,500 megawatts of solar farms in the two provinces on top of the 500MW that had earlier been identified for SPNEC in Nueva Ecjija. “This would mark SPNEC’s expansion of operations in the same area of the land secured for its 500 MW solar project, for which the first 50 MW and the transmission for the full 500 MW are under construction,” the company said. SPNEC and several of its affiliate-companies under Solar Philippines are currently advancing multiple solar projects to implementation phases – including for capacities that had been offered for power supply agreements (PSAs) with the Manila Electric Company. Solar Philippines has its Terra Solar joint venture with the Razon group which is currently pursuing ‘negotiated deal’ with Meralco for the supply of 850MW mid-merit capacity; and that commands the installation of 3,500MW of solar facilities plus 4,500 megawatt-hours of battery energy storage system; then it has separate offer of 200MW RE baseload capacity which also calls for the construction of 1,800MW of solar farms with integrated energy storage. (Myrna M. Velasco)