SP New Energy Corp. (SPNEC) intends to bring investors into Terra Solar Philippines Inc., the corporate vehicle of currently the world’s largest solar project.

Manuel Pangilinan, SPNEC chairman, said investors will be invited to help in financing the project which costs P200 billion.
SPNEC owns 100 percent of Terra Solar. SPNEC is developing a solar farm in Nueva Ecija and Bulacan with 3,500 megawatts (MW) of solar panels and 4,000 megawatt-hours of battery energy storage.
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.
Pangilinan said they are now in the process of talking to potential investors with the help of financial advisors.
“… Most likely, foreign investors will come in for an up to 40 percent equity stake at the Terra Solar level,” Pangilinan added.
SPNEC also said it has now organized a team dedicated to the execution of the project and ensure its timely completion and meet the committed target to the government for the project to be energized by 2026.
SPNEC announced last January that work has begun on clearing the site, ahead of the construction of the project’s interconnection facilities with the National Grid Corporation of the Philippines and the installation of over 5 million solar panels.
The company has secured over 3,000 hectares for its projects, primarily in Nueva Ecija and Bulacan, most of which have already been converted to industrial use.
SPNEC is controlled by the MVP Group, through MGen Renewable Energy Inc. (MGreen), a wholly-owned subsidiary of Meralco PowerGen Corp. after a series of acquisitions.
MGreen recently raised its stake in the company to 55.96 percent from 50.53 percent previously after acquiring 2.17 billion shares of SPNEC from Solar Philippines Power Project Holdings Inc. for P2.50 billion, representing 4.34 percent.
Prior to this, MGreen invested P15.9 billion for 15.7 billion common shares of SPNEC as well as 19.4 billion preferred shares.