Renewable power supplier SP New Energy Corp. (SPNEC) is actively seeking new investors for Terra Solar Philippines Inc., touted as the “world’s largest solar project” once operational, according to company chairman Manuel V. Pangilinan. Currently, SPNEC holds 100 percent ownership of Terra Solar, and the move to bring in new investors is aimed at securing financing for the estimated P200 billion project cost.
The solar farm, situated in Nueva Ecija and Bulacan, is designed to have a capacity of 3,500 megawatts of solar panels and 4,000 megawatt-hours of battery energy storage, marking a significant contribution to the renewable energy landscape.
Pangilinan revealed that SPNEC is engaged in discussions with potential investors, facilitated by financial advisors. The plan involves bringing in foreign investors to acquire up to a 40-percent equity stake at the Terra Solar level. This strategic move aligns with SPNEC’s commitment to meeting its targets, intending to energize the project by 2026.
“We have organized a team dedicated to the execution of the project. So, there’s all the financial and investment programs that we satisfy. So, we’re down to the execution of the project. Of course, [there are] risks of the execution. So, there’s [also] a dedicated team that is fully devoted to getting the Terra Solar facilities done,” Pangilinan affirmed.
SPNEC commenced site clearing for the solar farm in January, initiating preparations for interconnection facilities with the National Grid Corp. of the Philippines and the installation of over 5 million solar panels. With over 3,000 hectares secured for the project, mostly converted to industrial use, the company is making strides toward achieving its renewable energy objectives.
MGen Renewable Energy Inc. (MGreen), a wholly-owned subsidiary of Meralco PowerGen Corp., assumed control of SPNEC in October, injecting P15.9 billion into the renewable energy firm through a share subscription. MGreen subsequently increased its stake in SPNEC to 55.96 percent from 50.53 percent, further consolidating its position within the renewable energy sector.
As SPNEC actively seeks investors for the Terra Solar Philippines project, it remains committed to advancing sustainable energy initiatives and meeting the ambitious timelines set forth by the government. On the stock market front, SPNEC shares closed unchanged at P1.10 each, while Meralco shares concluded at P379.80 each, down 2.62 percent on Friday.