Solar Philippines Nueva Ecija Corp. (SPNEC), the listed unit of Leviste-led Solar Philippines Power Project Holdings Inc., said it is working on what would be the world’s largest solar farm.
In a disclosure, SPNEC said it is planning to secure at least 2,500 hectares in Nueva Ecija and Bulacan to undertake solar farms with aggregate capacity of 4 gigawatts (GW).
It already secured land for its 500-megawatt solar project, “for which the first 50 MW and the transmission for the full 500 MW are under construction.”
SPNEC is earmarking proceeds from its various fundraising activities to acquire lands in the aforementioned provinces, which was made possible as parent firm Solar Philippines has been consolidating land and permits for this project since 2016 when it applied with the Department of Energy for its first solar energy service contract in the area.
“This clustering of projects in the same area also supports the development of transmission, which would extend over 60 kilometers to connect to NGCP’s (National Grid Corp. of the Philippines) substations that supply the Greater Manila Area,” it added.
Once completed, the combined developments would surpass India’s Bhadla Solar Farm, currently the world’s largest solar farm with a capacity of more than 2.2 GW and the capacity of the total grid-connected solar operating in the Philippines at over 1.3 GW as of end-2021.
“Over the years, others did not believe these ranchlands far from the grid could be the site for a solar farm. By the end of this year, our planned share issuances should result in the consolidation of ingredients that would enable SPNEC to expand its flagship project to be the world’s largest solar farm,” said Solar Philippines founder Leandro Leviste.
SPNEC earlier said it is optimistic about completing the planned stock rights offering (SRO) slated for late August, enabling them to raise as much as P3.3 billion from this transaction. This would pave the way for the completion of its asset-for-share swap with Solar Philippines.
It recently disclosed ongoing discussions with investors for private placements to complete its share issuances planned in light of its asset-for-share swap, which involves the issuance of 24.4 billion shares at P2.50 apiece, in exchange for the shares of Solar Philippines in a portfolio of projects.
“We aim to complete the private placements to increase the public float for the share swap by the end of 2022,” Leviste said earlier.