SPNEC aims to build world’s largest solar farm

MANILA, Philippines — Solar Philippines Nueva Ecija Corp. (SPNEC) is planning to expand its flagship project to become the largest solar farm in the world, surpassing India’s Bhadla solar park.

SPNEC, in a disclosure to the Philippine Stock Exchange, said it is working to secure at least 2,500 hectares in the provinces of Nueva Ecija and Bulacan for a planned 3.5-gigawatt (GW) solar farm.

The company said this would expand its operations in the same area of land secured for its 500-megawatt (MW) solar project, of which the first 50 MW and the transmission are under construction.

At four GW, SPNEC said its combined developments in the area would surpass the capacity of India’s Bhadla solar farm, currently the world’s largest farm at over 2.2 GW.

Further, it will exceed the capacity of the total grid-connected solar operating in the Philippines as of end 2021 at over 1.3 GW.

“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,” Solar Philippines founder Leandro Leviste said.

Solar Philippines said it has been consolidating land and permits for the project since 2016, when it applied for its first Department of Energy solar energy service contract in the area.

The clustering of projects in the same area also supports the development of transmission, which would extend over 60 kilometers to connect to the substations of the National Grid Corp. of the Philippines that supply the greater Manila area.

SPNEC earlier said it is on track to complete its stock rights offering (SRO) over the coming weeks, which would pave the way for the completion of its asset-for-share swap with its parent company Solar Philippines.

Solar Philippines and SPNEC have signed the share swap agreement for the issuance of 24.373 billion shares at an issue price of P2.50 apiece, in exchange for the shares of Solar Philippines in a portfolio of projects.

The projects will include over 400-MW operating or under construction, the 3.5 GW solar, 4.5 GWh battery Terra Solar project, 1.8 GW of projects contracted under the Department of Energy’s Green Energy Auction, and the 1.8 GW solar, 1.8 GWh battery project of Solar Philippines Batangas Baseload Corp.

The company said it is also currently in talks with investors for private placements, which is in addition to its SRO, with an offer period scheduled from Aug. 30 to Sept. 5.