SP New Energy Corp. (SPNEC) is working for the declaration of its 3,000-hectare landbank into an industrial area.
“Documentation is now ongoing to complete its acquisitions, in parallel to the submissions of the already fully secured lands for conversion to industrial use,” the company said.
The company said the standard practice for solar projects in the Philippines is for unproductive agricultural lands to be converted for industrial use.
“SPNEC aims to complete the submissions of these lands for conversion by the end of Q1 2023 and convert over 3,000 hectares to industrial use by the end of Q4 2023,” it added.
This follows after SPNEC secured the off-take agreements for its solar power plant projects last year.
“The largest project of Solar Philippines is under Terra Solar Philippines Inc., a joint venture that has a power supply agreement with Meralco to supply 850 MW of mid-merit from a planned 3.5 GW solar, 4.5 GWh battery project, which may require land in provinces including Nueva Ecija and Bulacan,” SPNEC said.
“Converting over 3,000 hectares for industrial use is the most significant value driver for SPNEC, and we will provide further updates as we work to create value on this for our shareholders. Land underpins an entire project, and our landbank in Nueva Ecija and Bulacan in particular is unique, in terms of its scale and proximity to Manila,” said Leandro Leviste, SPNEC chairman.
Leviste said at over 3,000 hectares, SPNEC’s landbank in Nueva Ecija and Bulacan upon its completion would be one of the largest industrial developments of any kind in the Philippines and larger than all the solar projects operating in the Philippines to date combined.
