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Solar Philippines Nueva Ecija Corporation (SPNEC) plans to develop 10 GW capacity of solar projects. This plan would increase the solar capacity of Philippines 10 times which in December 2020 was 1.021 GW. The plan would be enabled by asset-for-share swaps with Solar Philippines (its parent company) which is yet to be approved.
SPNEC is developing a 500MWp solar power plant in Barangay Las Piñas, Sinasajan, and Peñaranda, Nueva Ecija. The location has good levels of irradiance and adequate available land, making it conducive to solar power generation. The Company plans to construct an additional 275MWp after commissioning the first phase.
SPNEC started working on this project in 2015. The current portfolio of the company includes 20 solar project companies including 400 MW either under construction or operating already. The company has around 10 GW capacity in development as per some reports.
The developments are in the provinces of Batangas, Bulacan, Nueva Ecija, and Tarlac. The company will also offer stocks and form joint ventures.
“Our aim is not to compete with the country’s power companies, but to make it easier for them to build solar projects, so that together, we can make solar the largest source of energy in the Philippines,” said Solar Philippines Founder, Leandro Leviste.
Solar Philippines plans to complete establishing joint ventures in 10 GW capacity of solar projects in 2022. SPNEC has see good trading results for its stocks on PSE with around Php 7 billion in trading in last month.