Solar Philippines’ SPNEC looking to develop 10 GW

The Calatagan Solar Farm. Source: Solar Philippines.

January 25 (Renewables Now) - Solar Philippines Nueva Ecija Corporation (PSE:SPNEC), the recently listed subsidiary of solar developer Solar Philippines, on Tuesday shared plans for asset-for-share swaps with its parent to enable SPNEC to develop 10 GW of solar projects.

Execution of the pipeline, which Solar Philippines started developing in 2015, would dramatically increase the country’s grid-connected solar capacity of 1.021 GW as of December 2020, according to official figures, cited by SPNEC.

In a stock exchange statement, SPNEC said it may hold a stock rights offering and create joint ventures to help develop the projects.

According to the company, the only route to realising solar projects of this scale is by partnering with the leading local power companies.

“Our aim is not to compete with the country’s power companies, but to make it easier for them to build solar projects, so that together, we can make solar the largest source of energy in the Philippines,” said Solar Philippines founder Leandro Leviste.

The asset-for-share swap is subject to a third-party valuation and fairness opinion by an independent financial advisor and is yet to be approved by SPNEC.

SPNEC is now seeking to build a 500-MWp solar farm in the Philippine province of Nueva Ecija. Its parent’s portfolio currently includes more than 20 solar project companies with over 400 MW in operation or under construction and over 10 GW in development.

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Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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