Solar Philippines Nueva Ecija Corp. (SPNEC) is eyeing to form a joint venture to expand its operations.
In a disclosure, Solar Philippines founder Leandro Leviste said SPNEC has prepared an initial 1,000 hectares to expand the 500-megawatt solar project it planned to construct using the proceeds of its P2.7-billion initial public offering. The firm, which listed on the local bourse just last week, has yet to name its partner.
The 500-MW project, once finished, is touted to become the largest solar venture in Southeast Asia. Leviste earlier said that partnering with the country’s leading companies was important to accelerate the country’s transition into using renewables.
As for the company’s developments in Nueva Ecija, SPNEC said it was limited by the power demand in Central Luzon but the development of around 60 kilometers of transmission to Bulacan would enable it deliver more power to the Greater Manila area.
“This project’s scale is both its advantage and disadvantage,” Leviste said. “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,” he added.
Solar Philippines is also engaged in other projects in Batangas and Tarlac.