SPNEC to finish P200 billion solar project by 2027

MANILA, Philippines — SP New Energy Corp. (SPNEC) is eyeing to fully complete the world’s largest solar project by 2027.

SPNEC said the P200-billion Terra solar development in Nueva Ecija and Bulacan, which will consist of 3,500 megawatts (MW) of solar panels and 4,000 megawatt-hours (MWh) of battery storage, would be completed in two phases.

The first phase, with a target capacity of 2,500 MW, is eyed for completion by 2026, while the second phase, with a capacity of 1,000 MW, will be finished by 2027.

Funding for the project will come from a combination of capital infusion, including the investment of MGen Renewable Energy Inc. (MGreen) in SPNEC, as well as project financing.

MGreen’s P15.9 billion investment in SPNEC was completed in late December last year.

MGreen is the renewable energy development arm of Meralco Powergen Corp., a wholly owned subsidiary of the Manila Electric Co., the country’s largest private sector electric distribution utility company.

The Terra solar project, which will cover approximately 3,500 hectares, is expected generate over five billion kilowatt hours annually, or an estimated five percent of the total volume of the Philippine grid and 12 percent of its total demand.

The project is expected to be larger than India’s Bhadla Solar Park and China’s Golmud Solar Park, currently the world’s largest solar farms at over 2.2 gigawatts (GW).

It will also exceed the capacity of all grid-connected solar projects operating in the Philippines combined at over 1.5 GW, according to the Department of Energy’s latest figures as of 2023.

The Terra Solar project will be owned through SPNEC’s 100 percent-owned subsidiary, Terra Solar Philippines Inc.