SPNEC faces delays in project over right-of-way, grid connection issues

Phase 1A is expected to achieve commercial operations sometime Q4 of 2025.

Philippines' SP New Energy Corporation (SPNEC) said that Phase 1A of the Sta. Rosa Nueva Ecija 2 Solar Power Project (NE 2 Project) is not yet operational due to construction delays related to connection assets, primarily caused by rights-of-way challenges and grid constraints.

The group clarified, in response to the Exchange's request dated 23 October, that the 56.26% completion rate reported in its annual report as of 31 December 2023, reflects the overall progress of the NE 2 Project, including the solar power plant and its connection assets.

It added that the 89.89% completion rate stated in the quarterly report as of 31 March 2024, refers only to the completion of the solar power plant as of 31 December 2023.

“Subject to the resolution on the right of way issues and the completion of the line connecting the plant to the transmission grid, Phase 1A is expected to achieve commercial operations sometime Q4 of 2025,” it added.