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Solar Philippines Nueva Ecija Corp. (SPNEC) to support government’s goal of increasing renewable energy in Philippines to 35% by 2030. This comes after it offered its Initial Public Offering (IPO).
SPNEC is planning 1,000 hectares joint venture for a solar power plant project according to the company. SPNEC is also looking for partners for joint ventures into solar plant.
Solar Philippines founder Leandro Leviste said, “We are preparing an initial 1,000 hectares for a joint venture with a partner who can help turn this plan into a reality.”
The country plans to have more than 20,000 MWs capacity of solar projects. Last week, the IPO of SPNEC was oversubscribed from its PHP2.7 billion offering to PHP5.3 billion.
SPNEC will build 50 MW of 500 MW projects with the funds raised through its IPO and acquire the land for further expansions. SPNEC is also constructing largest solar project in the SouthEast Asia region in Nueva Ecija.
“This project’s scale is both its advantage and disadvantage. Unlike 100 MW projects located next to the existing transmission, this one will need to be at a 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 added.