SP New Energy Corporation (SPNEC) has announced plans to introduce up to two foreign partners into its subsidiary, Terra Solar Philippines Inc. (TSPI), within this year.
This strategic move is aimed at advancing the development of a large-scale solar farm project in Nueva Ecija and Bulacan, which includes the installation of 3,500 megawatts of solar panels and 4,000 megawatt-hours of battery energy storage. The project requires an estimated investment of around PHP 200 billion.
SPNEC Chairman Manuel Pangilinan confirmed that the company is currently in discussions with three to five potential partners, with the aim of narrowing it down to two entities. Each selected partner is expected to acquire a 20% stake in TSPI, contributing to a combined 40% equity stake.
“We are engaging in talks with potential strategic investors who can provide both financial and strategic benefits to the Terra Solar project,” said Pangilinan. “Our goal is to secure new investors at the project company level to support the financing needs and ensure the successful implementation of the entire project.”
The Terra Solar project is part of SPNEC’s commitment to contribute to the country’s renewable energy targets. The company has reiterated its promise to the Philippine government to energize the project by 2026.
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