Solar Philippines to build ‘world’s largest solar project’ with 4GW capacity

By Tom Kenning
Facebook
Twitter
LinkedIn
Reddit
Email
SPNEC plans to acquire 2,500 hectares for its giant PV cluster in the provinces of Nueva Ecija and Bulacan, pictured, using proceeds from various capital raises. Image: Solar Philippines

The listed subsidiary of PV project developer Solar Philippines is planning to add a 3.5GW solar farm to its 500MW system already under construction on the Northern Filipino region of Luzon, which the company claims would make it the largest PV project in the world.

Solar Philippines Nueva Ecija Corporation (SPNEC) plans to acquire another 2,500 hectares for this giant PV cluster in the provinces of Nueva Ecija and Bulacan using proceeds from various capital raises. These included a previously announced stock rights offering (SRO) and private placements with institutional investors to raise at least PHP10 billion (US$195 million) as well as plans for an asset-for-share swap with parent company Solar Philippines. These announcements came shortly after SPNEC had made its debut on the Philippine Stock Exchange in December 2021.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Standing at 4GW cumulative capacity, the planned project would surpass the world’s current largest solar project, the Bhadla Solar Park in Rajasthan, India, which stands at more than 2,245MW.

Solar Philippines has been able to plan a project of such scale by working to secure land and permits since 2016. The bunching of projects will also help the company capitalise on the transmission infrastructure already under construction for the initial 500MW plant, which will stretch 60 kilometres to the Greater Manila Area, one of the world’s largest metropolises.

“Over the years, others did not believe these ranchlands far from the grid could be the site for a solar farm,” said Solar Philippines founder Leandro Leviste. “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.”

In June this year, Solar Philippines submitted offers to contract output from 10GW of PV plants currently under development, potentially representing 9TWh per year of contracted power that would start operations mostly in 2025 and 2026. However, in a release today, the company said it aimed to have 8GW of solar and battery projects completed in this period.

Meralco seeks lower prices for 200MW baseload solar power

In related news, the Manila Electric Company (Meralco) has made moves to secure lower prices for 200MW of baseload supply starting in 2024 from a 1,800MW solar project with 1,800MWh of battery storage, which is under development.

Solar Philippines Batangas Baseload Corporation (SPBBC), a unit of Solar Philippines, had previously made an unsolicited offer for this 200MW with a rate of PHP4.65/kWh (US$0.083/kWh) at 100% plant capacity factor, with a similar levelised cost of electricity (LCOE) for a period of 20 years.

Meralco is now inviting challengers to submit lower offers. Interested parties have until 31 August to submit their expressions of interest.

The firm is also inviting challenges for Ahunan Power’s proposals for supply from 500MW of renewable energy generation. Ahunan is a joint venture between tycoon Enrique Razon’s Prime Metro Power and JBD Water Power.

21 March 2024
4pm (GMT)
This special webinar will look at one of the most important changes impacting PV manufacturing today; how to establish and sustain new facilities around the world. For more than two decades, policy-makers have grappled with the challenges of nurturing domestic manufacturing sectors. Many countries have tried to create domestic sectors: Japan, Taiwan, South Korea, India, Europe and the U.S. But success stories have been rare. Mistakes seem to be repeated. And all the while, Chinese dominance of the industry has only increased. However, in the past 2-3 years, new drivers have emerged that suggest the dream of a global PV manufacturing ecosystem could be a reality. Join us as we shed light on this.
26 November 2024
Málaga, Spain
Understanding PV module supply to the European market in 2025. PV ModuleTech Europe 2024 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.

Read Next

Subscribe to Newsletter

Upcoming Events

Solar Media Events
March 19, 2024
Texas, USA
Solar Media Events
March 26, 2024
Lisbon, Portugal
Solar Media Events
April 10, 2024
Dallas, Texas USA