Project developer Solar Philippines has submitted offers to contract output from 10GW of PV plants currently under development.
Pending the approval of offtakers and regulators, the offers would potentially represent 9TWh per year of contracted energy and enable the construction of 10GW of solar projects in the Philippines that would start operations mostly in 2025 and 2026, Solar Philippines said.
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The announcement comes after Solar Philippines Nueva Ecija Corporation (SPNEC), a listed subsidiary of Solar Philippines, revealed plans earlier this year to raise at least PHP10 billion (US$195 million) from a stock rights offering and private placements to support the development of 10GW of solar PV.
SPNEC has since approved an asset-for-share swap plan, which involves its acquisition of 100% of the outstanding shares of its parent company Solar Philippines Power Project Holdings and its stakes in more than 20 solar projects in the Philippines.
“While we have been constrained from commenting on our projects due to ongoing contracting processes, we look forward to share more details in the coming days, and so give a better picture of what SPNEC will look like after the asset-for-share swap,” said Solar Philippines founder Leandro Leviste.
The majority of the projects that Solar Philippines has submitted offtake agreements for are held by companies with shares subject to the asset-for-share swap, the developer said.
The largest of these is Terra Solar Philippines, a joint venture with Prime Infra that plans to construct a plant featuring 2.5 – 3.5GW of PV combined with 4 – 4.5GWh of battery storage. It was announced last week that an 850MW offtake agreement has been secured for the plant with utility Manila Electric Company (MERALCO).
SPNEC aims to complete the development of 10GW of solar projects in the Philippines by 2025, which it said “would help address the country’s potential power shortage”.
