Listed Solar Philippines Nueva Ecija Corp. said Tuesday it is firming up plans to develop 10,000 megawatts of solar projects.
SPNEC said in a disclosure to the stock exchange this would represent an almost 10-fold increase in the country’s grid-connected solar capacity of 1,021 MW as end- 2020.
SPNEC said it would pursue the expansion through planned asset-for-share swaps with parent Solar Philippines. To support the development of these projects, SPNEC said it may conduct a possible stock rights: offering and form joint ventures.
The company said solar projects of this scale would only be made possible by teaming up with the country’s leading power companies.
SPNEC’s statement followed Manila Electric Co.’s invitation to challenge the unsolicited proposal of Terra Solar, a joint venture of Prime Infrastructure Capital Inc. and Solar Philippines for the supply of 850 MW of mid-merit capacity for up to 13 hours a day from a minimum 2,500 MW solar and 4,000 megawatt-hour battery plant.
Solar Philippines began developing the pipeline in 2015 in anticipation of the increased demand. Its portfolio now comprises over 20 solar project companies, which include over 400 MW already operating or under construction and over 10,000 MW in development, based on the Department of Energy figures.
These developments are located in the provinces of Nueva Ecija, Batangas, Bulacan and Tarlac, where Solar Philippines spent the past years consolidating land suitable for solar in relative proximity to the Greater Manila Area.
“Our aim is not to compete with the country’s power companies, but to make it easier for them to build solar projects, so that together, we can make solar the largest source of energy in the Philippines,” said Solar Philippines founder Leandro Leviste.
Solar Philippines recently formed joint ventures for several projects. The company plans to complete forming joint ventures for 10,000 MW of solar project developments in 2022, with its interest in these projects subject to the potential asset-for-share swaps with SPNEC.
SPNEC saw the highest traded volume among stocks on the PSE, with over P7 billion in trading over the past month.