The first phase of what is deemed as the world’s largest solar project in development is on track for delivery by the first quarter of 2026.
SP New Energy Corp. (SPNEC) broke ground on the site that will cover around 3,500 hectares of land in Nueva Ecija and Bulacan which will be owned by the company through its 100 percent owned subsidiary, Terra Solar Philippines Inc.
Under the contracted capacity, at least 600 megawatts (MW) should be completed by 2026.
The Terra Solar project is planned to consist of 3,500 MW of solar panels and 4,000 megawatt- hours of battery storage and cost an estimated P200 billion.
The project is also expected to generate over 5 billion kilowatt hours of electricity annually, or an estimated 5 percent of the total volume of the Philippine grid and 12 percent of its total demand.
Such capacity would be larger than India’s Bhadla Solar Park and China’s Golmud Solar Park, currently the world’s largest solar farms at over 2,200 MW.
Terra Solar would also exceed the capacity of all grid-connected solar projects operating in the Philippines combined at over 1,500 MW, according to the Department of Energy’s latest figures as of 2023.
SPNEC is conducting site clearing activities ahead of the construction of the project’s interconnection facilities with the national grid and the installation of over 5 million solar panels needed to meet the first phase target.
SPNEC also said accelerated work on Terra Solar also comes with the completion of the P15.9- billion investment of MGen Renewable Energy, Inc. (MGreen) in SPNEC last month.
Meanwhile, SPNEC said Manila Electric Co. (Meralco) chairman, Manuel Pangilinan is now the head of the company after the power distributor completed its P15.9 billion entry into the company.
The sale ups the value of the larges renewable energy developer in the country to P63 billion, SPNEC said.
Meralco made its purchase through unit MGreen, the renewable energy development arm of Meralco Powergen Corp., a wholly-owned subsidiary of Meralco.
SPNEC said MGreen y made its balance payment of P8.9 billion to complete the acquisition, in exchange for 15.7 billion common shares and 19.4 billion preferred shares of the company, equivalent to a total voting interest of 50.5 percent.
Pangilinan will now assume the chairman’s seat, as well as the concurrent president and chief executive officer. Leandro Leviste, SPNEC founder will serve as vice-chairman. With Ruelle Castro
