Solar Philippines Nueva Ecija Corp. said Wednesday it will use proceeds from several capital-raising activities to secure 2,500 hectares of land between Bulacan and Nueva Ecija provinces to host 3,500 megawatts of solar farms.
This would mark SPNEC’s expansion of operations in the two provinces where it is developing 500 MW of solar projects.
SPNEC’s combined developments in the area with a capacity of 4 gigawatts would surpass the output of India’s Bhadla Solar Farm, the world’s largest solar project with over 2.2 GW It would also exceed the capacity of the total grid-connected solar projects in the Philippines at 1.3 GW as of end-2021.
Solar Philippines began consolidating land and permits for the project in 2016, when it applied its first solar energy service contract in the area with the Department of Energy.
SPNEC said the clustering of projects in the same area supports the development of transmission, extending over 60 kilometers to connect to National Grid Corp. of the Philippines’ substations that supply the Greater Manila Area.
“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,” said Solar Philippines founder Leandro Leviste.
The share issuances include the company’s asset-for-share swap where SPNEC would acquire shares of Solar Philippines in a portfolio of projects primarily under joint ventures.
The projects include the 3.5-GW solar, 4.5-GWh battery Terra solar project that plans to supply Manila Electric Co. mid-merit requirement for around 12 hours a day; 1.8 GW of projects contracted under the DOE’s Green Energy Auction; another 1.8 GW solar, 1.8 GWh battery project which plans to supply Meralco’s baseload requirement for up to 24 hours per day; and over 400-MW projects that are operating or under construction.
The share issuances also include the company’s stock rights offering with its scheduled pricing date on Aug. 18.
The company recently disclosed that it was in talks with investors for private placements to complete its share issuances.