Solar Philippines Nueva Ecija Corp. (SPNEC) is preparing for the acquisition of an initial 1,000 hectares of land to develop projects with a partner firm, including a solar project with a capacity of over 500 megawatts (MW).
However, Leandro Leviste, Solar Philippines founder, did not give details but said 50 MW of the planned 500 MW had been completed.
Fresh from its P2.7-billion initial public offering (IPO) this month, SPNEC plans to increase the capacity to 500 MW.
Proceeds from the IPO have been allocated initially to complete the first 50 MW of SPENC’s 500MW project.
The largest portion of the proceeds however is allocated for the development of land beyond the 500MW target.
A portion is also allocated for the project’s 10-kilometer transmission line, 230 kV capacity, which will traverse Cabanatuan City and the towns of Santa Rosa and Peñaranda in Nueva Ecija.
Solar Philippines is embarking on a strategic shift towards sites and partners, focusing on creating value from the development of greenfield sites and then bringing in other companies as partners once the project has been de-risked.
