SP New Energy Corp. (SPNEC) has acquired over 2000 hectares for what it claims to be the “world’s largest solar farm”.
SPNEC said these properties could fit a project that would exceed the capacity of India’s Bhadla solar farm, currently the world’s largest solar facility at over 2.2 gigawatts, as well as exceed the capacity of the total grid-connected solar operating in the Philippines, according to the Department of Energy’s data as of August this year.
“After we perfect the documentation for these hundreds of parcels and then conversion, this land would be ready for a solar project. Our focus now is to realize the value from this, and we will provide further updates at the appropriate time,” said Leandro Leviste, founder of Solar Philippines.
SPNEC raised P2.8 billion from a stock rights offering to acquire land in Nueva Ecija and Bulacan and support
projects that SPNEC will own shares in as part of its asset-for-share swap.
One of these projects is Terra Solar Philippines, Inc. (Terra Solar), a joint venture project of Solar Philippines that signed a power supply agreement with Meralco on October 24.
Under the PSA, Terra Solar would supply 850 MW of mid-merit for around 12 hours per day from a planned 3.5 GW solar, 4.5 GWh battery project in Nueva Ecija and Bulacan.