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Solar Philippines Nueva Ecija Corporation, the listed unit of Manila-based PV manufacturer and project developer Solar Philippines has announced that it is currently working on the largest solar project in the world.
SPNEC announced plans to add a new 3.5 GW solar farm to its flagship 500 MW project on Luzon island. The first 50MW and the transmission for 500 MW are under construction,” SPNEC said. The company also wants to purchase another 2,500 hectares in Bulacan and Nueva Ecija to expand its original project eightfold.
“At 4 GW, SPNEC’s combined developments in this area would surpass the capacity of India’s Bhadla Solar Farm, currently the world’s largest farm at over 2.2 GW; as well as surpass the capacity of the total grid-connected solar operating in the Philippines as of the end of 2021 at over 1.3 GW,” stated SPNEC.
SPNEC will use the proceeds of various capital raises to purchase the land for the extension to 3.5 GW. This includes a previously announced stock right offering to raise at most PHP 10 billion, and a planned asset/share swap, which is expected to be completed by 2022.
SPNEC stated that it was able to plan such an enormous project because it had been working to obtain land and permits since 2016 when it applied to the Department of Energy to get its first contract for solar energy in the area. The company also stated that this clustering of projects would benefit from the transmission infrastructure already in place in the area. It will connect over 60 km to NGCP’s substations that supply the Greater Manila Area.
“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.