SPNEC to develop 10 GW solar project
This is a 10-fold increase from the Philippines grid-connected solar capacity.
Solar Philippines Nueva Ecija Corporation (SPNEC) is planning to complete forming joint ventures and conduct possible stock offerings for its plan to develop 10 gigawatts of solar projects within 2022.
In a disclosure to the local bourse, SPNEC said the 10GW solar project development plans is almost a 10-fold increase from the country’s grid-connected solar capacity at 1.021GW as of December 2020, based on figures from the Department of Energy.
SPNEC said that the scale of the solar projects “would only be made possible by partnering with the country’s leading power companies.
“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 the parent company Solar Philippines founder Leandro Leviste.
The solar projects of SPNEC would be enabled by asset-for-share swaps with the parent company. The SPNEC, however, has not yet approved any asset-for-share swap as it has to undergo third-party valuation.
Solar Philippines began developing the pipeline in 2015 and its portfolio now comprises over 20 solar projects companies including over 400 megawatts that were already operating or under construction.
The developments are in the provinces of Nueva Ecija, Batangas, Bulacan, and Tarlac.