RENEWABLE ENERGY. Solar Philippines Nueva Ecija Corp. (SPNEC) is preparing an initial 1,000 hectares in Nueva Ecija for a joint venture to develop the expansion of the largest solar project in Southeast Asia. SPNEC vowed to support government’s goal to increase renewable energy in the country. (Photo courtesy of SPNEC)
MANILA – Following its initial public offering (IPO), Solar Philippines Nueva Ecija Corp. (SPNEC) has vowed to support government’s goal to increase renewable energy in the country.
In a statement Wednesday, Solar Philippines founder Leandro Leviste said SPNEC is preparing an initial 1,000 hectares for a joint venture on solar power project.
Leviste said the company is eyeing to partner with leading firms in the country for the solar plant joint venture.
“We are preparing an initial 1,000 hectares for a joint venture with a partner who can help turn this plan into a reality,” he said.
He added that the projects of Solar Philippines are in response to the Department of Energy’s (DOE) target to increase the share of renewable energy in the country to 35 percent by 2030, translating to building over 20,000 megawatts of solar power projects.
Last Friday, SPNEC’s IPO was oversubscribed at PHP5.3 billion from its PHP2.7 billion offering.
The company plans to use the fund raised through the stock market to construct the first 50 MW out of the 500 MW projects and to acquire land for future expansions.
SPNEC will be building a solar ranch in Nueva Ecija, which is eyed to be the largest solar project in Southeast Asia.
The newly listed firm added that the development of a 60-kilometer transmission from Nueva Ecija to Bulacan will help the company to directly deliver solar power beyond Central Luzon but also to Greater Manila Area.
“This project’s scale is both its advantage and disadvantage. Unlike 100 MW projects located next to existing transmission, this one will need to be at gigawatt-scale to justify the development of new transmission, which is why others have not sought to develop in this area. This is a bet on the demand for large-scale solar, and if such demand does come, this project can become larger than all the solar projects to date in the Philippines combined,” Leviste said. (PNA)
