Solar Philippines looking for buyers of projects’ output | Inquirer Business

Solar Philippines looking for buyers of projects’ output

/ 04:15 AM June 28, 2022

Listed Solar Philippines has offered to potential buyers the output coming from its 10 gigawatts of renewable energy projects, all of which are slated for completion between 2025 and 2026.

In a statement, the firm said it was awaiting feedback from offtakers, or buyers of energy. Regulators will still have to give the green light to these contracts.

If approved, Solar Philippines would potentially have 9 terawatt-hours of contracted energy annually, enough to supply growing demand.


World’s largest solar project


The biggest solar development in the pipeline is Terra Solar Philippines, Inc., a joint venture with Enrique Razon Jr.’s Prime Infrastructure Holdings, Inc., which plans to construct 3.5 GW of solar and 4.5 gigawatt-hours of battery storage.

The project, dubbed the world’s largest solar project, will supply 850 megawatts to power distributor Manila Electric Co. from 8 a.m. to 9 p.m. “on a firm basis like a conventional midmerit power plant.”

Its listed unit Solar Philippines Nueva Ecija Corp. (SPNEC) earlier informed the local bourse of its intention to complete the development of 10 GW of solar projects to help address the country’s potential power shortage.

“While we have been constrained from commenting on our projects due to ongoing contracting processes, we look forward to share more details in the coming days, and so give a better picture of what SPNEC will look like after the asset-for-share swap,” Solar Philippines founder Leandro Leviste said.

Like SPNEC’s planned 500-MW Nueva Ecija Solar farm, the 10-GW in the pipeline would be developed by various entities and later on subject to an asset-for-share swap with Solar Philippines.

These include Solar Philippines Batangas Baseload Corp., which is developing up to 2 GW solar project with battery storage; Solar Philippines Central Luzon Corp., a joint venture with AC Energy; Solar Philippines South Luzon Corp.; and Solar Philippines Visayas Corp.

—Jordeene B. Lagare INQ
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TAGS: Business, Philippines, solar

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