, Philippines

Solar Philippines unit gears up bid bonds for 10GW project 

This is in line with the requirements of potential off-takers.

The Solar Philippines Nueva Ecija Corporation (SPNEC) is preparing bid bonds for potential off-takers for its 10-gigawatt project. 

The SPNEC board recently approved transacting with banks in order to secure bid bonds for potential off-take agreements. The board had also confirmed the prior approval for the proceeds of SPNEC’s public listing to serve as collateral. 

“While we are constrained from commenting on specific procurement processes, we are giving this update that contracting is currently SPNEC’s top priority,” Solar Philippines founder Leandro Leviste said. “Reflecting this is our allocating of resources towards bid bonds, as required to advance contracting processes.”

Leviste noted the company aims to secure contracts this year to enable its 10GW development.

“While this is still the early part of a long journey, these power contracts may serve as a critical mass of demand, and prove our model for developing solar projects at this scale,” he said. SPNEC has disclosed that its primary model for securing power contracts is through partnerships, noting that solar projects of large scale would only be made possible by working with the country’s leading power companies. 

 

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