SP New Energy Corp. (SPNEC) said its P200-billion Terra Solar project is 54% complete and would be completed by 2027.
Key progress areas include land control, which is 49% complete, and transmission line right-of-way, which is 34% done, Emmanuel V. Rubio, newly elected president and chief executive officer of SP New Energy and Meralco PowerGen Corp. (MGen), told a recent news briefing.
SP New Energy has secured permits for pre-development at 58%. Solar farm development already achieved an 88% progress rate, procurement at 61%, interconnection development at 35%, and photovoltaic site clearing about 24% complete.
“The Terra Solar project remains on track for key milestones with significant progress anticipated in the coming months,” Mr. Rubio said.
The company is reviewing contract offers for the engineering, procurement, and construction of the first phase of the project.
The Terra Solar project in Nueva Ecija and Bulacan consists of a 3,500-megawatt solar power plant and a 4,000-megawatt-hour energy storage system. It is expected to generate more than five billion kilowatt-hours of electricity yearly.
The first phase of the project is scheduled to be delivered by 2026, while Phase 2 is targeted for 2027.
The company is seeking investors for additional financing to develop what it says will be the world’s biggest solar farm.
Mr. Rubio said the solar project has drawn interests from foreign companies based in Japan, the United States, Middle East and London.
Manuel V. Pangilinan, chairman of SP New Energy and Manila Electric Co. (Meralco), said there are “very active” and “very keen interests” from investors for the solar project.
“[There is a] very long list of investors so I think the actual bid date binding offer should be Aug. 15,” he told reporters. “By the end of August, the board will have to choose.”
SPNEC took full control of Terra Solar after acquiring the entire stake of Prime Infrastructure Holdings, Inc. last year for P6 billion.
Established in 2020, Terra Solar was a 50-50 joint venture between Prime Infra and Solar Philippines Power Project Holdings, Inc., the parent company of SP New Energy.
SP New Energy is controlled by the Pangilinan group through MGen Renewable Energy, Inc.
Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera
